Name
Abstract | ||
|---|---|---|
In this paper, we present a bilevel programming formulation of a deregulated electricity market. By examining the electricity market in this format, we achieve two things. First, the relation of the deregulated electricity market to general economic models that can be formulated as bilevel programming problems (e.g. Stackelberg leader-follower games and principal-agency models) becomes clear. Secondly, it provides an explanation of the reason why the so-called "folk theorems" can be proven to be false for electricity networks. The interpretation of the deregulated electricity market as a bilevel program also indicates the magnitude of the error that can be made if the electricity market model studied does not take into account the physical constraints of the electric grid, or oversimplifies the electricity network to a radial network. |
Year | DOI | Venue |
|---|---|---|
2005 | 10.1007/s10898-004-1939-9 | J. Global Optimization |
Keywords | Field | DocType |
bilevel programming,electricity market,bilevel program,folk theorem,electricity market model,electric grid,deregulated electricity market,power transmission,energy markets,bilevel programming formulation,bilevel programming problem,radial network,electricity network,stackelberg leader-follower game,economic model,electrical network | Electricity market,Mathematical optimization,Mathematical economics,Bilevel optimization,Economic model,Electricity,Stackelberg competition,Power transmission,Folk theorem,Mathematics,Grid | Journal |
Volume | Issue | ISSN |
33 | 3 | 0925-5001 |
Citations | PageRank | References |
5 | 0.85 | 7 |
Authors | ||
2 | ||
Name | Order | Citations | PageRank |
|---|---|---|---|
| Mette Bjørndal | 1 | 21 | 3.31 |
| Kurt Jørnsten | 2 | 232 | 24.52 |