Article: Existence and uniqueness of consistent conjectural variation equilibrium in electricity markets

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TitleExistence and uniqueness of consistent conjectural variation equilibrium in electricity markets
AuthorsLiu, Y2
Ni, YX1
Wu, FF1
Cai, B2
KeywordsConsistent conjecture variation
Electricity markets
Existence and uniqueness
Oligopoly
Issue Date2007
PublisherElsevier Ltd. The Journal's web site is located at http://www.elsevier.com/locate/ijepes
CitationInternational Journal Of Electrical Power And Energy Systems, 2007, v. 29 n. 6, p. 455-461 [How to Cite?]
DOI: http://dx.doi.org/10.1016/j.ijepes.2006.11.006
AbstractThe game-theory based methods are widely applied to analyze the market equilibrium and to study the strategic behavior in the oligopolistic electricity markets. Recently, the conjecture variation approach, one of well-studied methods in game theory, is reported to model the strategic behavior in deregulated electricity markets. Unfortunately, the conjecture variation models have been criticized for the drawback of logical inconsistence and possibility of abundant equilibria. Aiming for this, this paper investigates the existence and uniqueness of consistent conjectural variation equilibrium in electricity markets. With several good characteristics of the electricity market and with an infinite horizon optimization model, it is shown that the consistent conjecture variation will satisfy a set of coupled nonlinear equations and there will be only one equilibrium. This result can provide the fundamentals for further applications of the conjecture variation approach. © 2006 Elsevier Ltd. All rights reserved.
ISSN0142-0615
2011 Impact Factor: 2.247
2011 SCImago Journal Rankings: 0.061
DOIhttp://dx.doi.org/10.1016/j.ijepes.2006.11.006
ISI Accession Number IDWOS:000247416500003
ReferencesReferences in Scopus
DC Field
Value
dc.contributor.authorLiu, Y
dc.contributor.authorNi, YX
dc.contributor.authorWu, FF
dc.contributor.authorCai, B
dc.date.accessioned2010-09-06T06:54:13Z
dc.date.available2010-09-06T06:54:13Z
dc.date.issued2007
dc.description.abstractThe game-theory based methods are widely applied to analyze the market equilibrium and to study the strategic behavior in the oligopolistic electricity markets. Recently, the conjecture variation approach, one of well-studied methods in game theory, is reported to model the strategic behavior in deregulated electricity markets. Unfortunately, the conjecture variation models have been criticized for the drawback of logical inconsistence and possibility of abundant equilibria. Aiming for this, this paper investigates the existence and uniqueness of consistent conjectural variation equilibrium in electricity markets. With several good characteristics of the electricity market and with an infinite horizon optimization model, it is shown that the consistent conjecture variation will satisfy a set of coupled nonlinear equations and there will be only one equilibrium. This result can provide the fundamentals for further applications of the conjecture variation approach. © 2006 Elsevier Ltd. All rights reserved.
dc.description.natureLink_to_subscribed_fulltext
dc.identifier.citationInternational Journal Of Electrical Power And Energy Systems, 2007, v. 29 n. 6, p. 455-461 [How to Cite?]
DOI: http://dx.doi.org/10.1016/j.ijepes.2006.11.006
dc.identifier.doihttp://dx.doi.org/10.1016/j.ijepes.2006.11.006
dc.identifier.epage461
dc.identifier.hkuros145696
dc.identifier.isiWOS:000247416500003
dc.identifier.issn0142-0615
2011 Impact Factor: 2.247
2011 SCImago Journal Rankings: 0.061
dc.identifier.issue6
dc.identifier.openurl
dc.identifier.scopuseid_2-s2.0-33847629666
dc.identifier.spage455
dc.identifier.urihttp://hdl.handle.net/10722/73730
dc.identifier.volume29
dc.languageeng
dc.publisherElsevier Ltd. The Journal's web site is located at http://www.elsevier.com/locate/ijepes
dc.publisher.placeUnited Kingdom
dc.relation.ispartofInternational Journal of Electrical Power and Energy Systems
dc.relation.referencesReferences in Scopus
dc.rightsInternational Journal of Electrical Power & Energy Systems. Copyright © Elsevier Ltd.
dc.subjectConsistent conjecture variation
dc.subjectElectricity markets
dc.subjectExistence and uniqueness
dc.subjectOligopoly
dc.titleExistence and uniqueness of consistent conjectural variation equilibrium in electricity markets
dc.typeArticle
Author Affiliations
  1. The University of Hong Kong
  2. State Grid