Game-theoretic Study of Electricity Market Mechanisms | Zendy

Аlexander Vasin | Zendy

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Game-theoretic Study of Electricity Market Mechanisms

Author(s) -

Аlexander Vasin

Publication year - 2014

Publication title -

procedia computer science

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.334

H-Index - 76

ISSN - 1877-0509

DOI - 10.1016/j.procs.2014.05.252

Subject(s) - oligopoly , computer science , nash equilibrium , market power , common value auction , electricity market , game theory , electricity , microeconomics , architecture , mathematical economics , mathematical optimization , industrial organization , economics , cournot competition , mathematics , art , visual arts , monopoly , electrical engineering , engineering

This paper surveys results on Nash equilibrium and its refinements for several variants of the architecture for oligopolistic electricity markets. For different kinds of one-stage and two-stage auctions, I compare the game-theoretic solution with the competitive equilibrium and estimate the loss of consumer surplus due to producers’ market power. I conclude on the optimal architecture of the market

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