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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
2013 SCImago Journal Rankings: 1.522
 
DOIhttp://dx.doi.org/10.1016/j.ijepes.2006.11.006
 
ISI Accession Number IDWOS:000247416500003
 
ReferencesReferences in Scopus
 
DC FieldValue
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
2013 SCImago Journal Rankings: 1.522
 
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
 
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Author Affiliations
  1. The University of Hong Kong
  2. State Grid