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Article: Conjectural variation based bidding strategy in spot markets: Fundamentals and comparison with classical game theoretical bidding strategies

TitleConjectural variation based bidding strategy in spot markets: Fundamentals and comparison with classical game theoretical bidding strategies
Authors
KeywordsBidding strategy
Conjecture variation
Electricity market
Game theory
Issue Date2003
PublisherElsevier SA. The Journal's web site is located at http://www.elsevier.com/locate/epsr
Citation
Electric Power Systems Research, 2003, v. 67 n. 1, p. 45-51 How to Cite?
AbstractIn this paper, the concept of conjectural variation (CV) and its applications in electricity spot markets are introduced. The conjecture of a firm is defined as its belief or expectation of how its rivals will react to the change of its output. CV based bidding strategy (CVBS) method can help generation firms to improve their strategic bidding and maximize their profits in real electricity spot markets with imperfect information. In real applications, a firm using CVBS will integrate its rivals into one fictitious competitor and estimate its generation and reaction to the firm's change of output so that an optimal decision can be made accordingly. It is shown that classical game theoretic bidding strategies (GTBS) are special cases of CVBS families, and the system equilibrium reached via CVBS is a Nash equilibrium. Computer test results support the analytic conclusions very well. © 2003 Elsevier Science B.V. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/73901
ISSN
2015 Impact Factor: 1.809
2015 SCImago Journal Rankings: 1.256
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorSong, Yen_HK
dc.contributor.authorNi, Yen_HK
dc.contributor.authorWen, Fen_HK
dc.contributor.authorHou, Zen_HK
dc.contributor.authorWu, FFen_HK
dc.date.accessioned2010-09-06T06:55:51Z-
dc.date.available2010-09-06T06:55:51Z-
dc.date.issued2003en_HK
dc.identifier.citationElectric Power Systems Research, 2003, v. 67 n. 1, p. 45-51en_HK
dc.identifier.issn0378-7796en_HK
dc.identifier.urihttp://hdl.handle.net/10722/73901-
dc.description.abstractIn this paper, the concept of conjectural variation (CV) and its applications in electricity spot markets are introduced. The conjecture of a firm is defined as its belief or expectation of how its rivals will react to the change of its output. CV based bidding strategy (CVBS) method can help generation firms to improve their strategic bidding and maximize their profits in real electricity spot markets with imperfect information. In real applications, a firm using CVBS will integrate its rivals into one fictitious competitor and estimate its generation and reaction to the firm's change of output so that an optimal decision can be made accordingly. It is shown that classical game theoretic bidding strategies (GTBS) are special cases of CVBS families, and the system equilibrium reached via CVBS is a Nash equilibrium. Computer test results support the analytic conclusions very well. © 2003 Elsevier Science B.V. All rights reserved.en_HK
dc.languageengen_HK
dc.publisherElsevier SA. The Journal's web site is located at http://www.elsevier.com/locate/epsren_HK
dc.relation.ispartofElectric Power Systems Researchen_HK
dc.subjectBidding strategyen_HK
dc.subjectConjecture variationen_HK
dc.subjectElectricity marketen_HK
dc.subjectGame theoryen_HK
dc.titleConjectural variation based bidding strategy in spot markets: Fundamentals and comparison with classical game theoretical bidding strategiesen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0378-7796&volume=67&spage=45&epage=51&date=2003&atitle=Conjectural+variation+based+bidding+strategy+in+spot+markets:+fundamentals+and+comparison+with+classical+game+theoretical+bidding+strategiesen_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/S0378-7796(03)00042-7en_HK
dc.identifier.scopuseid_2-s2.0-0042389434en_HK
dc.identifier.hkuros89802en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0042389434&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume67en_HK
dc.identifier.issue1en_HK
dc.identifier.spage45en_HK
dc.identifier.epage51en_HK
dc.identifier.isiWOS:000185275500005-
dc.publisher.placeSwitzerlanden_HK
dc.identifier.scopusauthoridSong, Y=7404921152en_HK
dc.identifier.scopusauthoridNi, Y=7402910021en_HK
dc.identifier.scopusauthoridWen, F=7102815249en_HK
dc.identifier.scopusauthoridHou, Z=7201896625en_HK
dc.identifier.scopusauthoridWu, FF=7403465107en_HK
dc.identifier.citeulike7493464-

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