The Comparative Analysis of Midpoint Uniform Clearing and Spread Aggregation Clearing in Electricity Market Based on Experimental Economics

A new round of power system reform is in full swing in China, but there is still controversy over which electricity market clearing rules to adopt. Firstly, this paper introduces the background of the current power system reform and review the research progress of experimental economics and market clearing rules. Then, it analyzes two clearing rules of current power market, namely, uniform clearing and spread aggregation clearing. Finally, an experimental economics market simulation experiment is designed based on the electricity supply and demand situation in China to compare the two clearing rules in terms of clearing price, market equilibrium and welfare of market members. The results show the midpoint uniform clearing model is better at guiding market members to offer at marginal cost, which is more advantageous in clearing price and welfare distribution respects.