Structural Analysis of Electricity Demand and Supply Interactions*
构建结构非对称向量误差修正模型，识别和估计日前电力批发市场的需求与供给函数，发现短期需求缺乏弹性，但交易量受价格影响并通过非对称误差修正机制对供给失衡做出反应。
We specify a structural asymmetric vector error-correction model to identify and estimate the demand and supply functions in hourly day-ahead wholesale electricity markets. In doing so, we provide, inter alia, new insights into a well-established but unresolved issue concerning the extent of the demand elasticity to price in these markets. We show that whilst demand appears to be inelastic in the short-run, the quantity traded on the market is significantly influenced by the price level and responds to previous disequilibria in the supply curve through an asymmetric error-correction mechanism, reacting to a positive disequilibrium but not to a negative one.