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dc.contributor.authorAsan, Goksel
dc.contributor.authorTasaltin, Kamil
dc.date.accessioned2020-08-30T20:08:08Z
dc.date.available2020-08-30T20:08:08Z
dc.date.issued2017
dc.identifier.citationAsan, G., & Tasaltin, K. (2017). Market efficiency assessment under dual pricing rule for the Turkish wholesale electricity market. Energy Policy, 107, 109–118. https://doi.org/10.1016/j.enpol.2017.04.024en_US
dc.identifier.issn0301-4215
dc.identifier.issn1873-6777
dc.identifier.urihttps://doi.org/10.1016/j.enpol.2017.04.024
dc.identifier.urihttps://hdl.handle.net/20.500.12713/889
dc.descriptionWOS: 000405158200011en_US
dc.descriptionAsan, Goksel (isu author)
dc.description.abstractThis study analyses the price dynamics of day-ahead and real-time electricity prices following the implementation of dual-pricing legislation in Turkey, to understand the legislation's impact on arbitrage opportunities and market efficiency. The convergence of prices between the day-ahead forward and the real-time markets analysed in order to determine whether persistent price differences between the two markets exist. Arbitrage opportunities exist if there is a persistent difference between prices in the day-ahead forward and real-time market. Markets are considered to be efficient if it is not possible for market participants to earn an excess profit through exploitation of price differences. Furthermore, we examined how the ex-post risk premium changes over time using rolling estimations and find that after the implementation of dual pricing, the risk premium increased significantly for day and peak hours where the demand is relatively higher compared to night hours. As market participants have more experience regarding the dynamics of the market, the difference between real-time and day-ahead forward prices converges to zero since the dual-pricing regime enforce market participants to forecast accurately by punishing the forecast error.en_US
dc.language.isoengen_US
dc.publisherElsevier Sci Ltden_US
dc.relation.isversionof10.1016/j.enpol.2017.04.024en_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectElectricityen_US
dc.subjectMarket Structureen_US
dc.subjectMarket Efficiencyen_US
dc.titleMarket efficiency assessment under dual pricing rule for the Turkish wholesale electricity marketen_US
dc.typearticleen_US
dc.contributor.departmentİstinye Üniversitesi, İktisadi, İdari ve Sosyal Bilimler Fakültesi, Ekonomi Bölümüen_US
dc.contributor.institutionauthorAsan, Gokselen_US
dc.identifier.volume107en_US
dc.identifier.startpage109en_US
dc.identifier.endpage118en_US
dc.relation.journalEnergy Policyen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US


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