Research on Power Producer’s Bidding Behavior Based on the Best-Response Dynamic Model
Joint Authors
Sun, Jingqi
Guo, Sen
Zhang, Xiaochun
Source
Journal of Applied Mathematics
Issue
Vol. 2014, Issue 2014 (31 Dec. 2014), pp.1-10, 10 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2014-06-22
Country of Publication
Egypt
No. of Pages
10
Main Subjects
Abstract EN
As China’s electricity market is facing many problems, the research on power producer’s bidding behavior can promote the healthy and sustainable development of China’s electricity market.
As a special commodity, the “electricity” possesses complicated production process.
The instable market constraint condition, nonsymmetric information, and a lot of random factors make the producer’s bidding process more complex.
Best-response dynamic is one of the classic dynamic mechanisms of the evolutionary game theory, which applies well in the repeated game and strategy evolution that happen among a few bounded rational players with a quick learning capability.
The best-response dynamic mechanism is employed to study the power producer’s bidding behavior in this paper, the producer’s best-response dynamic model is constructed, and how the producers would engage in bidding is analyzed in detail.
Taking two generating units in South China regional electricity market as the example, the producer’s bidding behavior by following the producer’s best-response dynamic model is verified.
The relationships between the evolutionarily stable strategy (ESS) of power producer’s bidding and the market demand, and ceiling and floor price as well as biding frequency are discussed in detail.
American Psychological Association (APA)
Sun, Jingqi& Zhang, Xiaochun& Guo, Sen. 2014. Research on Power Producer’s Bidding Behavior Based on the Best-Response Dynamic Model. Journal of Applied Mathematics،Vol. 2014, no. 2014, pp.1-10.
https://search.emarefa.net/detail/BIM-456220
Modern Language Association (MLA)
Sun, Jingqi…[et al.]. Research on Power Producer’s Bidding Behavior Based on the Best-Response Dynamic Model. Journal of Applied Mathematics No. 2014 (2014), pp.1-10.
https://search.emarefa.net/detail/BIM-456220
American Medical Association (AMA)
Sun, Jingqi& Zhang, Xiaochun& Guo, Sen. Research on Power Producer’s Bidding Behavior Based on the Best-Response Dynamic Model. Journal of Applied Mathematics. 2014. Vol. 2014, no. 2014, pp.1-10.
https://search.emarefa.net/detail/BIM-456220
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-456220