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Article: Conjectural variation based learning model of strategic bidding in spot market

TitleConjectural variation based learning model of strategic bidding in spot market
Authors
KeywordsConjectural variation
Learning
Strategic bidding
Issue Date2004
PublisherElsevier Ltd. The Journal's web site is located at http://www.elsevier.com/locate/ijepes
Citation
International Journal Of Electrical Power And Energy System, 2004, v. 26 n. 10, p. 797-804 How to Cite?
AbstractIn actual electricity market, which operates repeatedly on the basis of one hour or half hour, each firm might learn or estimate other competitors' strategic behaviors from available historical market operation data, and rationally aims at its maximum profit in the repeated biddings. A conjectural variation based learning method is proposed in this paper for generation firm to improve its strategic bidding performance. In the method, each firm learns and dynamically regulates its conjecture upon the reactions of its rivals to its bidding according to available information published in the electricity market, and then makes its optimal generation decision based on the updated conjectural variation of its rivals. Through such learning process, the equilibrium reached in the market is proven a Nash equilibrium. Motivation of generation firm to learn in the changing market environment and consequence of learning behavior in the market are also discussed through computer tests. © 2004 Elsevier Ltd. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/73727
ISSN
2015 Impact Factor: 2.587
2015 SCImago Journal Rankings: 1.741
References

 

DC FieldValueLanguage
dc.contributor.authorSong, Yen_HK
dc.contributor.authorNi, Yen_HK
dc.contributor.authorWen, Fen_HK
dc.contributor.authorWu, FFen_HK
dc.date.accessioned2010-09-06T06:54:11Z-
dc.date.available2010-09-06T06:54:11Z-
dc.date.issued2004en_HK
dc.identifier.citationInternational Journal Of Electrical Power And Energy System, 2004, v. 26 n. 10, p. 797-804en_HK
dc.identifier.issn0142-0615en_HK
dc.identifier.urihttp://hdl.handle.net/10722/73727-
dc.description.abstractIn actual electricity market, which operates repeatedly on the basis of one hour or half hour, each firm might learn or estimate other competitors' strategic behaviors from available historical market operation data, and rationally aims at its maximum profit in the repeated biddings. A conjectural variation based learning method is proposed in this paper for generation firm to improve its strategic bidding performance. In the method, each firm learns and dynamically regulates its conjecture upon the reactions of its rivals to its bidding according to available information published in the electricity market, and then makes its optimal generation decision based on the updated conjectural variation of its rivals. Through such learning process, the equilibrium reached in the market is proven a Nash equilibrium. Motivation of generation firm to learn in the changing market environment and consequence of learning behavior in the market are also discussed through computer tests. © 2004 Elsevier Ltd. All rights reserved.en_HK
dc.languageengen_HK
dc.publisherElsevier Ltd. The Journal's web site is located at http://www.elsevier.com/locate/ijepesen_HK
dc.relation.ispartofInternational Journal of Electrical Power and Energy Systemen_HK
dc.rightsInternational Journal of Electrical Power & Energy Systems. Copyright © Elsevier Ltd.en_HK
dc.subjectConjectural variationen_HK
dc.subjectLearningen_HK
dc.subjectStrategic biddingen_HK
dc.titleConjectural variation based learning model of strategic bidding in spot marketen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0142-0615&volume=26 No 10&spage=797&epage=804&date=2004&atitle=Conjectural+variation+based+learning+model+of+strategic+bidding+in+spot+marketen_HK
dc.identifier.emailNi, Y: yxni@eee.hku.hken_HK
dc.identifier.emailWu, FF: ffwu@eee.hku.hken_HK
dc.identifier.authorityNi, Y=rp00161en_HK
dc.identifier.authorityWu, FF=rp00194en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/j.ijepes.2004.07.001en_HK
dc.identifier.scopuseid_2-s2.0-4744339968en_HK
dc.identifier.hkuros104044en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-4744339968&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume26en_HK
dc.identifier.issue10en_HK
dc.identifier.spage797en_HK
dc.identifier.epage804en_HK
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridSong, Y=7404921152en_HK
dc.identifier.scopusauthoridNi, Y=7402910021en_HK
dc.identifier.scopusauthoridWen, F=7102815249en_HK
dc.identifier.scopusauthoridWu, FF=7403465107en_HK

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