Paper Info
Title
Research on Power Producer's Bidding Behavior Based on the Best-Response Dynamic Model.
Abstract
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.
Year
DOI
Venue
2014
10.1155/2014/237094
JOURNAL OF APPLIED MATHEMATICS
Field
DocType
Volume
Electricity market,Evolutionarily stable strategy,Mathematical optimization,Electricity,Microeconomics,Best response,Repeated game,Evolutionary game theory,Supply and demand,Bidding,Mathematics
Journal
2014
ISSN
Citations 
PageRank 
1110-757X
0
0.34
References 
Authors
0
3
Name
Order
Citations
PageRank
Jing-Qi Sun1964.14
Xiaochun Zhang200.34
Sen Guo31014.24