Notice of RetractionThe Optimal Bidding Based On The Prospect Theory

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

The bidding of generation companies is a risk decision-making process. The prospect theory describes the relationship of the human being risk preference with the expected profit: when the profit is bigger than the expected, most people might prefer to the risk avoidance; when the profit is smaller than the expected, people might incline to the risk preference to attempt to realize the target. A new bidding method based on prospect theory is proposed in the paper. Since the influences of the bidding failure risk and the target of expected profit on the decision cognitive psychology of the generation companies are both taken into account, the bidding strategy gained by the method is more consistent with the generation companies´ psychological desire. The results of the examples demonstrate the feasibility of the method proposed.