Fossil Fuels and Renewable Energy: Mix or Match?
研究了技术所有权（多元化或专业化）如何影响电力企业的定价策略和生产效率，利用西班牙电力市场数据模拟验证理论预测，对关注能源转型和市场竞争的学者有参考价值。
ABSTRACT This article investigates the influence of technological ownership on pricing strategies and productive efficiency. Our motivation comes from the evolving landscape of electricity markets where firms are transitioning from diversified to specialized portfolios, focusing on renewable energy or fossil fuels. Our theoretical model demonstrates that diversified firms compete more vigorously than their specialized counterparts. Conversely, specialized firms exhibit higher productive efficiency but only when thermal sources dominate. The magnitude of our theoretical predictions is assessed through simulations using data from the Spanish electricity market. Methodologically, our analysis offers novel insights for studying multi‐unit auctions with cost heterogeneity and privately known capacities.