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Game theory and agent-based economics approaches have been used to study imperfect competition in electricity markets. In this paper these two approaches are firstly described and compared using a simple text book example. Simulations show that the two approaches converge to the same outcome when unique Nash equilibrium exists and assumptions in the game theory approach are realistic. Finally, a 3...
In this paper a new approach is used to address the issue of quantifying market outcomes depending on level of competition and reduction of transmission capacities. In a deregulated electricity market, the capacity of transmission lines determines the degree to which generators in different locations compete with the other. Beside the fact that different agents have specific generation mix (cost functions)...
The ongoing liberalization of the power sector adds a new dimension to the main issues in modeling of power systems. The very complex interactions and interdependencies among power market participants are much like those studied in game theory. However, the strategies used by market participants are often too complex to be conveniently modeled by standard game theoretic techniques. In addition, there...
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