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Article: Impacts of suppliers' learning behaviour on market equilibrium under repeated linear supply-function bidding

TitleImpacts of suppliers' learning behaviour on market equilibrium under repeated linear supply-function bidding
Authors
Issue Date2006
Citation
Iee Proceedings: Generation, Transmission And Distribution, 2006, v. 153 n. 1, p. 44-50 How to Cite?
AbstractThe paper studies the impacts of learning behaviour of electrical-power suppliers on electricity-spot-market equilibrium under repeated linear supply-function bidding. In the markets, the supplier will conduct 'learning' to improve his strategic bidding in order to obtain greater profit. Therefore, it is significant to explore the impacts of such learning behaviour on market equilibria and market-clearing price (MCP). First the mathematical model for supplier's optimal bidding is established. This is then used to solve for market equilibrium. It is shown that supply-function equilibrium is a Nash equilibrium; and that under certain conditions the overall learning behaviour will reduce the MCP, which in turn increases consumers' surplus and decreases suppliers' profits, while in some other conditions the results are just the contrary. In either case, the MCP at equilibrium induced by the overall learning behaviour reflects the true relationship of supply and demand. Numerical results support the analytical conclusions very well.
Persistent Identifierhttp://hdl.handle.net/10722/73617
ISSN
2008 Impact Factor: 0.868
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorLiu, YFen_HK
dc.contributor.authorNi, YXen_HK
dc.contributor.authorWu, FFen_HK
dc.date.accessioned2010-09-06T06:53:07Z-
dc.date.available2010-09-06T06:53:07Z-
dc.date.issued2006en_HK
dc.identifier.citationIee Proceedings: Generation, Transmission And Distribution, 2006, v. 153 n. 1, p. 44-50en_HK
dc.identifier.issn1350-2360en_HK
dc.identifier.urihttp://hdl.handle.net/10722/73617-
dc.description.abstractThe paper studies the impacts of learning behaviour of electrical-power suppliers on electricity-spot-market equilibrium under repeated linear supply-function bidding. In the markets, the supplier will conduct 'learning' to improve his strategic bidding in order to obtain greater profit. Therefore, it is significant to explore the impacts of such learning behaviour on market equilibria and market-clearing price (MCP). First the mathematical model for supplier's optimal bidding is established. This is then used to solve for market equilibrium. It is shown that supply-function equilibrium is a Nash equilibrium; and that under certain conditions the overall learning behaviour will reduce the MCP, which in turn increases consumers' surplus and decreases suppliers' profits, while in some other conditions the results are just the contrary. In either case, the MCP at equilibrium induced by the overall learning behaviour reflects the true relationship of supply and demand. Numerical results support the analytical conclusions very well.en_HK
dc.languageengen_HK
dc.relation.ispartofIEE Proceedings: Generation, Transmission and Distributionen_HK
dc.titleImpacts of suppliers' learning behaviour on market equilibrium under repeated linear supply-function biddingen_HK
dc.typeArticleen_HK
dc.identifier.emailNi, YX: yxni@eee.hku.hken_HK
dc.identifier.emailWu, FF: ffwu@eee.hku.hken_HK
dc.identifier.authorityNi, YX=rp00161en_HK
dc.identifier.authorityWu, FF=rp00194en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1049/ip-gtd:20050137en_HK
dc.identifier.scopuseid_2-s2.0-32144462512en_HK
dc.identifier.hkuros120022en_HK
dc.identifier.hkuros119179-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-32144462512&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume153en_HK
dc.identifier.issue1en_HK
dc.identifier.spage44en_HK
dc.identifier.epage50en_HK
dc.identifier.isiWOS:000235396800006-
dc.identifier.scopusauthoridLiu, YF=22835324100en_HK
dc.identifier.scopusauthoridNi, YX=7402910021en_HK
dc.identifier.scopusauthoridWu, FF=7403465107en_HK

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