| yujie__ |
damm this Econ Game Theory project/paper ....must not fall asleep :whip: :whip: :whip: :whip:
History
The early British gas industry was manufactured and supplied by private and municipal owned companies.
Britain passed the 1948 Gas Act. The Gas Act created a nationalized private gas industry in the U.K.
The private companies were vested into British Gas.
British Gas (BG) was composed of 12 regional gas boards with its own chairman and boards.
From the 1950s to the early 1980s, BG had a virtual monopoly in the natural gas supply market.
The Oil & Gas Act of 1982 opened BG’s pipeline to competitors.
The 1986 Gas Act returned the natural gas industry to the private sector. BG became private and changes its name to British Gas plc.
The Gas Act of 1986 return the industry to the private sector and broke up BG’s government created monopoly.
Today
These are the major natural gas suppliers today:
Centrica plc, British Gas plc, BP, ExxonMobil, Shell, Conoco, TotalFinaElf, and Others.
Original Auction Rules
20 bids allowed per shipper, per product type, per auction round, per month or day
Monthly auction quantity evenly split over 4 rounds with 1 clearing round.
Any monthly capacity left unsold is rolled forward to the daily auction
Daily auction are a single round
All bidding is blind
Reserve prices are currently set by Transco.
Allocations based on price, highest first
It is sealed bid, pay-bid, and concurrent by terminal and month.
Our Alternative Auction Principles
Allocate goods to bidders with highest values.
Maximize seller revenue.
Minimize negative bidder conditions
Protect against collusion.
Be simple.
Alternative Auction Design
Ausubel Ascending Clock Auction.
Blind electronic "click-box" bidding.
In the Ausubel Auction, quantity is allocated at the clinch point. When a bidder cannot fail to lose a portion of capacity, that bidder is allocated that capacity at the current clock price. |
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