An evolutionary game approach to analyzing bidding strategies in electricity markets with elastic demand

• Published in: Energy (Oxford) Vol. 36; no. 5; pp. 3459 - 3467
• Main Authors: Wang, Jianhui, Zhou, Zhi, Botterud, Audun
• Format: Journal Article
• Language: English
• Published: Kidlington Elsevier Ltd 2011; Elsevier
• Subjects: Agent based-modeling; algorithms; Applied sciences; Bidding strategies; business enterprises; Coevolutionary algorithm; Economic data; Electric energy; electricity; Energy; Energy economics; Evolutionary game; Exact sciences and technology; Game theory; General, economic and professional studies; markets; Methodology. Modelling; probability distribution; Strategy selection; Evolutionary game; Strategy selection; Agent based-modeling; Coevolutionary algorithm; Game theory; Bidding strategies

In this paper we propose an evolutionary imperfect information game approach to analyzing bidding strategies in electricity markets with price-elastic demand. In previous research, opponent generation companies’ (GENCOs’) bidding strategies were assumed to be fixed or subject to a fixed probability...