Adaptive game modeling of deregulated power markets

Skoulidas, C; Vournas, C; Papavassilopoulos, G

dc.contributor.author	Skoulidas, C	en
dc.contributor.author	Vournas, C	en
dc.contributor.author	Papavassilopoulos, G	en
dc.date.accessioned	2014-03-01T01:17:20Z
dc.date.available	2014-03-01T01:17:20Z
dc.date.issued	2002	en
dc.identifier.issn	02721724	en
dc.identifier.uri	https://dspace.lib.ntua.gr/xmlui/handle/123456789/14464
dc.subject	Adaptive learning	en
dc.subject	Deregulation	en
dc.subject	Game theory	en
dc.subject	Power markets	en
dc.subject.other	Adaptive systems	en
dc.subject.other	Cost benefit analysis	en
dc.subject.other	Deregulation	en
dc.subject.other	Economic and social effects	en
dc.subject.other	Game theory	en
dc.subject.other	Learning systems	en
dc.subject.other	Marketing	en
dc.subject.other	Mathematical models	en
dc.subject.other	Adaptive game modeling	en
dc.subject.other	Adaptive learning tool	en
dc.subject.other	Deregulated power markets	en
dc.subject.other	Independent system operator	en
dc.subject.other	Electric power generation	en
dc.title	Adaptive game modeling of deregulated power markets	en
heal.type	journalArticle	en
heal.identifier.primary	10.1109/MPER.2002.1029974	en
heal.identifier.secondary	http://dx.doi.org/10.1109/MPER.2002.1029974	en
heal.publicationDate	2002	en
heal.abstract	We describe an adaptive game representation of a deregulated power market consisting of an independent system operator (ISO) and power generators (players) who submit their offers to the ISO in the form of curves. The power generators do not know the costs, the offers, or the payoffs of their competitors and, therefore, they use an adaptive learning tool to compensate for their lack of knowledge in trying to maximize their profit. The ISO purchases energy from the generators, starting from the more economical offer in order to cover the electricity demand. Sequential iterations of the game for different numbers of participants and with varied adaptation and reaction capabilities are conducted in order to study the impact on spot price convergence and volatility, and the corresponding cost for the ISO. After repeated runs of the simulation model, many interesting phenomenon have been observed regarding the spot price behavior and the stability of the market.	en
heal.journalName	IEEE Power Engineering Review	en
dc.identifier.doi	10.1109/MPER.2002.1029974	en
dc.identifier.volume	22	en
dc.identifier.issue	9	en
dc.identifier.spage	42	en
dc.identifier.epage	45	en