DocumentCode
2095865
Title
Notice of Retraction
The Optimal Bidding Based On The Prospect Theory
Author
Lin Ji-keng ; Wang Xudong
Author_Institution
Key Lab. of Power Syst. Simulation & Control of Minist. of Educ., Tianjin Univ., Tianjin, China
fYear
2010
fDate
28-31 March 2010
Firstpage
1
Lastpage
4
Abstract
Notice of Retraction
After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.
We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.
The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.
The bidding of generation companies is a risk decision-making process. The prospect theory describes the relationship of the human being risk preference with the expected profit: when the profit is bigger than the expected, most people might prefer to the risk avoidance; when the profit is smaller than the expected, people might incline to the risk preference to attempt to realize the target. A new bidding method based on prospect theory is proposed in the paper. Since the influences of the bidding failure risk and the target of expected profit on the decision cognitive psychology of the generation companies are both taken into account, the bidding strategy gained by the method is more consistent with the generation companies´ psychological desire. The results of the examples demonstrate the feasibility of the method proposed.
After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.
We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.
The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.
The bidding of generation companies is a risk decision-making process. The prospect theory describes the relationship of the human being risk preference with the expected profit: when the profit is bigger than the expected, most people might prefer to the risk avoidance; when the profit is smaller than the expected, people might incline to the risk preference to attempt to realize the target. A new bidding method based on prospect theory is proposed in the paper. Since the influences of the bidding failure risk and the target of expected profit on the decision cognitive psychology of the generation companies are both taken into account, the bidding strategy gained by the method is more consistent with the generation companies´ psychological desire. The results of the examples demonstrate the feasibility of the method proposed.
Keywords
power generation economics; power markets; risk analysis; optimal bidding; power market; prospect theory; risk decision-making process; Control system synthesis; Decision making; Economic forecasting; Laboratories; Optimal control; Power generation; Power markets; Power system simulation; Psychology; Stochastic processes;
fLanguage
English
Publisher
ieee
Conference_Titel
Power and Energy Engineering Conference (APPEEC), 2010 Asia-Pacific
Conference_Location
Chengdu
Print_ISBN
978-1-4244-4812-8
Type
conf
DOI
10.1109/APPEEC.2010.5448520
Filename
5448520
Link To Document