Title :
A model of self-adapting process of suppliers´ bidding strategies
Author :
Hao, Zhigang ; Yu, Yixin ; Liu, Huaidong
Author_Institution :
Dept. of Electr. Eng., Tianjin Univ., China
Abstract :
Based on some previous research, a model of suppliers´ bidding strategies is proposed in this paper. The model is developed to observe the suppliers´ self-adapting process from the view of collusion degree in power markets. The dynamic game theory of incomplete information and the theory of posterior probability are used. Based on the model, simulations of the effects of the suppliers´ marginal operating cost, the demand elasticities, the demand and the load forecast errors are provided. The results show that each supplier has a process to adapt to the power market, the collusion degree among the suppliers is also evolving during this process. We can observe some more details about market behavior and forecast the future situation in a power market by using this model.
Keywords :
game theory; load forecasting; power markets; power system economics; probability; demand elasticities; dynamic game theory; incomplete information; load forecast errors; marginal operating cost; posterior probability theory; power market behavior; self-adapting process model; suppliers bidding strategies; suppliers´ collusion; suppliers´ marginal operating cost; Costs; Demand forecasting; Economic forecasting; Game theory; Load forecasting; Oligopoly; Power industry; Power markets; Power supplies; Predictive models;
Conference_Titel :
Power System Technology, 2002. Proceedings. PowerCon 2002. International Conference on
Print_ISBN :
0-7803-7459-2
DOI :
10.1109/ICPST.2002.1067846
