Delayed Dynamic Model for Electric Power Bidding in Oligopoly Market

Author

Zhang, Xinhua ; Chen, Feng

Author_Institution

Sch. of Economic & Manage., Changsha Univ. of Sci. & Technol., Changsha

fYear

2009

fDate

27-31 March 2009

Firstpage

1

Lastpage

4

Abstract

Based on the bounded rational dynamics and adaptive dynamics,this paper presents power producer bidding Cournot model, bidding dynamic model and delayed bidding dynamic model respectively, analyzes the stable region, bifurcation and chaos of bidding dynamic models by simulation method and compares stable regions of the two dynamic bidding models and the average revenue of power producer.The results indicate that delayed dynamic model is conductive to maintain system stability, but it does not bring power producer additional revenue except from bifurcation state.

Keywords

oligopoly; power markets; Cournot model; adaptive dynamics; bifurcation; bounded rational dynamics; chaos; delayed dynamic model; electric power bidding; oligopoly market; power producer.The; system stability; Bifurcation; Cost function; Delay; Electricity supply industry; Energy management; Game theory; Oligopoly; Power generation economics; Power system modeling; Technology management;

fLanguage

English

Publisher

ieee

Conference_Titel

Power and Energy Engineering Conference, 2009. APPEEC 2009. Asia-Pacific

Conference_Location

Wuhan

Print_ISBN

978-1-4244-2486-3

Electronic_ISBN

978-1-4244-2487-0

Type

conf

DOI

10.1109/APPEEC.2009.4918253

Filename

4918253