Following Part I of this paper that reveals two distinct interpretations of demand curves and the corresponding different forms of the market clearing formulation, Part II of this paper analyzes the sequential and the iterative market clearing algorithms currently implemented in some markets. It is shown that these algorithms lead to socially sub-optimal solutions. The root cause of the problem is the lack of a clear representation of the demand benefit. The social surplus optimization based on the proper interpretation of demand curves is then proposed. A small numerical example is used to demonstrate the significant optimality gap between the socially optimal solution and the sequential/iterative solution. The potentially large impacts of the gap on the societal benefit and the individual resource revenues entail a close examination of these algorithms.

中文翻译：

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多产品电力市场需求曲线的经济学解释——第二部分：实践

继本文的第一部分揭示了需求曲线的两种不同解释以及相应的市场清算公式的不同形式之后，本文的第二部分分析了目前在某些市场中实施的顺序和迭代市场清算算法。结果表明，这些算法会导致社会次优解决方案。问题的根本原因是缺乏对需求收益的明确表示。然后提出了基于需求曲线正确解释的社会剩余优化。一个小的数值例子被用来证明社会最优解和顺序/迭代解之间的显着最优性差距。