Multidimensional Auctions for Public Energy Efficiency Projects : Evidence from the Japanese ESCO Market
Competitive bidding is an important policy tool to procure goods and services from the market at the lowest possible cost. Under traditional public procurement systems, however, it may be difficult to purchase highly customized objects, such as ene...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2013/06/17874375/multidimensional-auctions-public-energy-efficiency-projects-evidence-japanese-esco-market http://hdl.handle.net/10986/15845 |
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okr-10986-15845 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING AIR AIR CONDITIONING AIR CONDITIONING SYSTEMS ALLOCATION ALLOCATION MECHANISM ANNUAL ENERGY SAVINGS APPROACH ASYMMETRIC INFORMATION AUCTION AUCTION SYSTEM AUCTIONS AVAILABILITY BALANCE BARREL OF CRUDE BID BIDS BOILERS BOND BOND MARKET BONDS CALCULATION CARBON DIOXIDE CARBON DIOXIDE EMISSIONS CARBON PRICE CARBON PRICES CLIMATE CLIMATE CHANGE CO CO2 COGENERATION COMPETITIVE BIDDING CONVERGENCE COST ESTIMATES COST OF CARBON COST OF ENERGY COST-BENEFIT COST-BENEFIT ANALYSIS CRUDE OIL DEBT DEVELOPING COUNTRIES DISCOUNT RATE DUMMY VARIABLE DUMMY VARIABLES ECONOMIC EFFICIENCY ECONOMIC THEORY EFFICIENT LIGHTING ELECTRICITY ELECTRICITY CONSUMPTION ELECTRICITY DEMAND ELECTRICITY PRODUCERS ELECTRICITY UTILITIES ELIGIBLE INVESTMENT EMISSION EMISSION REDUCTION EMPLOYMENT ENERGY AUDIT ENERGY AUDITING ENERGY AUDITS ENERGY CONSERVATION ENERGY CONSUMPTION ENERGY COST SAVINGS ENERGY COSTS ENERGY DEMAND ENERGY EFFICIENCY ENERGY EFFICIENCY INVESTMENTS ENERGY POLICY ENERGY SAVING TECHNOLOGY ENERGY SAVINGS ENERGY SERVICE ENERGY SERVICE COMPANIES ENERGY SERVICES ENERGY SOURCES ENERGY SUPPLY ENERGY USE ENVIRONMENTAL BENEFITS ENVIRONMENTAL PROTECTION EQUIPMENT FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL RISK FINANCIAL SERVICES FISCAL POLICY FLUORESCENT LIGHTS GAS UTILITIES GLOBAL GREENHOUSE GAS GOVERNMENT EXPENDITURE GOVERNMENT SUBSIDIES GREENHOUSE GREENHOUSE GAS GREENHOUSE GAS EMISSION GREENHOUSE GAS EMISSION REDUCTION GREENHOUSE GAS EMISSIONS GREENHOUSE GAS MITIGATION HOT WATER HOT WATER BOILER HOT WATER BOILERS HUMAN RESOURCES IMPROVING ENERGY EFFICIENCY INFLATION INFLATION RISK INFORMATION DISCLOSURE INSTITUTIONAL BARRIERS INSTRUMENT INTANGIBLE INTEREST RATE INTEREST RATE CHANGE INTEREST RATES INTERNATIONAL BANK INVESTMENT IN ENERGY EFFICIENCY INVESTMENT PERIOD IPCC ISSUANCE LEGAL FRAMEWORK LOCAL BUSINESS LOCAL GOVERNMENT LOCAL GOVERNMENTS LONG-TERM INVESTMENT MARKET COMPETITION NOX OIL OIL EQUIVALENT PEAK DEMAND PHOTOVOLTAIC POWER POLICY IMPLICATIONS POLITICAL ECONOMY POWER PP PRESENT VALUE PRICE CHANGES PRICE COMPETITION PRICE ELASTICITY PRIVATE FINANCE PRIVATE INVESTMENT PROMOTING ENERGY EFFICIENCY PUBLIC FINANCE RESERVE RETROFITTING RETURN RISK SHARING SAVINGS RATE SAVINGS SCHEMES SCENARIOS SOCIAL COST OF CARBON SOURCE OF ENERGY SOX SYNERGISTIC EFFECT TAX TRANSACTION TRANSACTION COST TRANSACTION COSTS TRANSPARENCY UNCERTAINTIES UNEP UTILITY FUNCTION VALUE OF ENERGY VEHICLES VENTILATION WEATHER CONDITIONS WORLD ENERGY WORLD ENERGY COUNCIL multidimensional auction |
| spellingShingle |
ACCOUNTING AIR AIR CONDITIONING AIR CONDITIONING SYSTEMS ALLOCATION ALLOCATION MECHANISM ANNUAL ENERGY SAVINGS APPROACH ASYMMETRIC INFORMATION AUCTION AUCTION SYSTEM AUCTIONS AVAILABILITY BALANCE BARREL OF CRUDE BID BIDS BOILERS BOND BOND MARKET BONDS CALCULATION CARBON DIOXIDE CARBON DIOXIDE EMISSIONS CARBON PRICE CARBON PRICES CLIMATE CLIMATE CHANGE CO CO2 COGENERATION COMPETITIVE BIDDING CONVERGENCE COST ESTIMATES COST OF CARBON COST OF ENERGY COST-BENEFIT COST-BENEFIT ANALYSIS CRUDE OIL DEBT DEVELOPING COUNTRIES DISCOUNT RATE DUMMY VARIABLE DUMMY VARIABLES ECONOMIC EFFICIENCY ECONOMIC THEORY EFFICIENT LIGHTING ELECTRICITY ELECTRICITY CONSUMPTION ELECTRICITY DEMAND ELECTRICITY PRODUCERS ELECTRICITY UTILITIES ELIGIBLE INVESTMENT EMISSION EMISSION REDUCTION EMPLOYMENT ENERGY AUDIT ENERGY AUDITING ENERGY AUDITS ENERGY CONSERVATION ENERGY CONSUMPTION ENERGY COST SAVINGS ENERGY COSTS ENERGY DEMAND ENERGY EFFICIENCY ENERGY EFFICIENCY INVESTMENTS ENERGY POLICY ENERGY SAVING TECHNOLOGY ENERGY SAVINGS ENERGY SERVICE ENERGY SERVICE COMPANIES ENERGY SERVICES ENERGY SOURCES ENERGY SUPPLY ENERGY USE ENVIRONMENTAL BENEFITS ENVIRONMENTAL PROTECTION EQUIPMENT FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL RISK FINANCIAL SERVICES FISCAL POLICY FLUORESCENT LIGHTS GAS UTILITIES GLOBAL GREENHOUSE GAS GOVERNMENT EXPENDITURE GOVERNMENT SUBSIDIES GREENHOUSE GREENHOUSE GAS GREENHOUSE GAS EMISSION GREENHOUSE GAS EMISSION REDUCTION GREENHOUSE GAS EMISSIONS GREENHOUSE GAS MITIGATION HOT WATER HOT WATER BOILER HOT WATER BOILERS HUMAN RESOURCES IMPROVING ENERGY EFFICIENCY INFLATION INFLATION RISK INFORMATION DISCLOSURE INSTITUTIONAL BARRIERS INSTRUMENT INTANGIBLE INTEREST RATE INTEREST RATE CHANGE INTEREST RATES INTERNATIONAL BANK INVESTMENT IN ENERGY EFFICIENCY INVESTMENT PERIOD IPCC ISSUANCE LEGAL FRAMEWORK LOCAL BUSINESS LOCAL GOVERNMENT LOCAL GOVERNMENTS LONG-TERM INVESTMENT MARKET COMPETITION NOX OIL OIL EQUIVALENT PEAK DEMAND PHOTOVOLTAIC POWER POLICY IMPLICATIONS POLITICAL ECONOMY POWER PP PRESENT VALUE PRICE CHANGES PRICE COMPETITION PRICE ELASTICITY PRIVATE FINANCE PRIVATE INVESTMENT PROMOTING ENERGY EFFICIENCY PUBLIC FINANCE RESERVE RETROFITTING RETURN RISK SHARING SAVINGS RATE SAVINGS SCHEMES SCENARIOS SOCIAL COST OF CARBON SOURCE OF ENERGY SOX SYNERGISTIC EFFECT TAX TRANSACTION TRANSACTION COST TRANSACTION COSTS TRANSPARENCY UNCERTAINTIES UNEP UTILITY FUNCTION VALUE OF ENERGY VEHICLES VENTILATION WEATHER CONDITIONS WORLD ENERGY WORLD ENERGY COUNCIL multidimensional auction Iimi, Atsushi Multidimensional Auctions for Public Energy Efficiency Projects : Evidence from the Japanese ESCO Market |
| geographic_facet |
East Asia and Pacific Japan |
| relation |
Policy Research Working Paper;No. 6485 |
| description |
Competitive bidding is an important
policy tool to procure goods and services from the market at
the lowest possible cost. Under traditional public
procurement systems, however, it may be difficult to
purchase highly customized objects, such as energy
efficiency services. This is because not only prices but
also other nonmonetary aspects need to be taken into
account. Multidimensional auctions are often used to
evaluate multidimensional bids. This paper examines the
bidding strategy in multidimensional auctions, using data
from public energy service company projects in Japan. It
shows that multidimensional auctions work well, as theory
predicts. The competition effect is significant. In
addition, strategic information disclosure, including
walk-through and preannouncement of reserve prices, can also
promote energy savings and investment. Risk sharing
arrangements are critical in the energy service company
market. In particular, the public sector should take
regulatory risk. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Iimi, Atsushi |
| author_facet |
Iimi, Atsushi |
| author_sort |
Iimi, Atsushi |
| title |
Multidimensional Auctions for Public Energy Efficiency Projects : Evidence from the Japanese ESCO Market |
| title_short |
Multidimensional Auctions for Public Energy Efficiency Projects : Evidence from the Japanese ESCO Market |
| title_full |
Multidimensional Auctions for Public Energy Efficiency Projects : Evidence from the Japanese ESCO Market |
| title_fullStr |
Multidimensional Auctions for Public Energy Efficiency Projects : Evidence from the Japanese ESCO Market |
| title_full_unstemmed |
Multidimensional Auctions for Public Energy Efficiency Projects : Evidence from the Japanese ESCO Market |
| title_sort |
multidimensional auctions for public energy efficiency projects : evidence from the japanese esco market |
| publisher |
World Bank, Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2013/06/17874375/multidimensional-auctions-public-energy-efficiency-projects-evidence-japanese-esco-market http://hdl.handle.net/10986/15845 |
| _version_ |
1764431604260798464 |
| spelling |
okr-10986-158452021-04-23T14:03:23Z Multidimensional Auctions for Public Energy Efficiency Projects : Evidence from the Japanese ESCO Market Iimi, Atsushi ACCOUNTING AIR AIR CONDITIONING AIR CONDITIONING SYSTEMS ALLOCATION ALLOCATION MECHANISM ANNUAL ENERGY SAVINGS APPROACH ASYMMETRIC INFORMATION AUCTION AUCTION SYSTEM AUCTIONS AVAILABILITY BALANCE BARREL OF CRUDE BID BIDS BOILERS BOND BOND MARKET BONDS CALCULATION CARBON DIOXIDE CARBON DIOXIDE EMISSIONS CARBON PRICE CARBON PRICES CLIMATE CLIMATE CHANGE CO CO2 COGENERATION COMPETITIVE BIDDING CONVERGENCE COST ESTIMATES COST OF CARBON COST OF ENERGY COST-BENEFIT COST-BENEFIT ANALYSIS CRUDE OIL DEBT DEVELOPING COUNTRIES DISCOUNT RATE DUMMY VARIABLE DUMMY VARIABLES ECONOMIC EFFICIENCY ECONOMIC THEORY EFFICIENT LIGHTING ELECTRICITY ELECTRICITY CONSUMPTION ELECTRICITY DEMAND ELECTRICITY PRODUCERS ELECTRICITY UTILITIES ELIGIBLE INVESTMENT EMISSION EMISSION REDUCTION EMPLOYMENT ENERGY AUDIT ENERGY AUDITING ENERGY AUDITS ENERGY CONSERVATION ENERGY CONSUMPTION ENERGY COST SAVINGS ENERGY COSTS ENERGY DEMAND ENERGY EFFICIENCY ENERGY EFFICIENCY INVESTMENTS ENERGY POLICY ENERGY SAVING TECHNOLOGY ENERGY SAVINGS ENERGY SERVICE ENERGY SERVICE COMPANIES ENERGY SERVICES ENERGY SOURCES ENERGY SUPPLY ENERGY USE ENVIRONMENTAL BENEFITS ENVIRONMENTAL PROTECTION EQUIPMENT FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL RISK FINANCIAL SERVICES FISCAL POLICY FLUORESCENT LIGHTS GAS UTILITIES GLOBAL GREENHOUSE GAS GOVERNMENT EXPENDITURE GOVERNMENT SUBSIDIES GREENHOUSE GREENHOUSE GAS GREENHOUSE GAS EMISSION GREENHOUSE GAS EMISSION REDUCTION GREENHOUSE GAS EMISSIONS GREENHOUSE GAS MITIGATION HOT WATER HOT WATER BOILER HOT WATER BOILERS HUMAN RESOURCES IMPROVING ENERGY EFFICIENCY INFLATION INFLATION RISK INFORMATION DISCLOSURE INSTITUTIONAL BARRIERS INSTRUMENT INTANGIBLE INTEREST RATE INTEREST RATE CHANGE INTEREST RATES INTERNATIONAL BANK INVESTMENT IN ENERGY EFFICIENCY INVESTMENT PERIOD IPCC ISSUANCE LEGAL FRAMEWORK LOCAL BUSINESS LOCAL GOVERNMENT LOCAL GOVERNMENTS LONG-TERM INVESTMENT MARKET COMPETITION NOX OIL OIL EQUIVALENT PEAK DEMAND PHOTOVOLTAIC POWER POLICY IMPLICATIONS POLITICAL ECONOMY POWER PP PRESENT VALUE PRICE CHANGES PRICE COMPETITION PRICE ELASTICITY PRIVATE FINANCE PRIVATE INVESTMENT PROMOTING ENERGY EFFICIENCY PUBLIC FINANCE RESERVE RETROFITTING RETURN RISK SHARING SAVINGS RATE SAVINGS SCHEMES SCENARIOS SOCIAL COST OF CARBON SOURCE OF ENERGY SOX SYNERGISTIC EFFECT TAX TRANSACTION TRANSACTION COST TRANSACTION COSTS TRANSPARENCY UNCERTAINTIES UNEP UTILITY FUNCTION VALUE OF ENERGY VEHICLES VENTILATION WEATHER CONDITIONS WORLD ENERGY WORLD ENERGY COUNCIL multidimensional auction Competitive bidding is an important policy tool to procure goods and services from the market at the lowest possible cost. Under traditional public procurement systems, however, it may be difficult to purchase highly customized objects, such as energy efficiency services. This is because not only prices but also other nonmonetary aspects need to be taken into account. Multidimensional auctions are often used to evaluate multidimensional bids. This paper examines the bidding strategy in multidimensional auctions, using data from public energy service company projects in Japan. It shows that multidimensional auctions work well, as theory predicts. The competition effect is significant. In addition, strategic information disclosure, including walk-through and preannouncement of reserve prices, can also promote energy savings and investment. Risk sharing arrangements are critical in the energy service company market. In particular, the public sector should take regulatory risk. 2013-09-26T14:28:19Z 2013-09-26T14:28:19Z 2013-06 http://documents.worldbank.org/curated/en/2013/06/17874375/multidimensional-auctions-public-energy-efficiency-projects-evidence-japanese-esco-market http://hdl.handle.net/10986/15845 English en_US Policy Research Working Paper;No. 6485 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research East Asia and Pacific Japan |