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This paper studies an electricity market consisting of an independent system operator (ISO) and a group of generators. The goal is to solve the DC optimal power flow (DC-OPF) problem: have the generators collectively meet the power demand while minimizing the aggregate generation cost and respecting line flow limits. The ISO by itself cannot solve the DC-OPF problem as the generators are strategic...
This paper studies social optima in the model of dynamic production competition by the mean field methodology. The objective of all agents (firms) is to optimize a social cost. We first introduce a market of a large number of firms with sticky prices and adjustment costs. The cost of each agent has indefinite state weights. By solving an auxiliary limiting optimal control problem subject to consistent...
Closely related to inventory control problems and Nash-Cournot games, research into the optimal build-up and depletion of strategic resource stockpiles is of critical interest to governments and private industry. Enhancing previously reported SISO models of strategic resource stockpiles, this paper reports three innovations in game theoretic optimal stockpile modeling that differentiate it from previous...
This paper presents an application of mean field games to dynamic production competition. We first introduce a market of a large number of agents (firms) with sticky prices and adjustment costs. The cost functional of each agent has indefinite state weights. By solving a limiting optimal control problem subject to consistent mean field approximations, a set of decentralized strategies is obtained...
The offering strategies of Gencoes could change SCUC (Security Constraint Unit Commitment) convergence. As a result, the profit of generating plants will be adjusted. In this paper the minimum profit alteration with no changes in power production is named, as "discrete strategy". Different discrete strategies based on marginal cost is tested and compared with other strategies. Revenue is...
This paper studies on the issue of outsourcing service competition, and researches on the influence of differences of decision order on the outsourcing service competition equilibrium of suppliers, and probes into the outsourcing service competition equilibrium when the decision order is endogenously determined. The conclusion drawn shows that when the decision order is endogenously determined the...
We consider a game theoretic model where multiple suppliers and consumers interact continuously by setting prices in a dynamic market with friction. Using stochastic differential equations to model the dynamics with friction, we investigate the equilibrium, and analyze the efficiency of the market under an integrated expected cost function. We provide an intriguing efficiency-volatility tradeoff theorem.
A method is developed to explore the potential links between an oligopolistic electricity market and a competitive emission permit market in which permits allocated to those highly efficient generation companies (units) with lower emissions could be traded to other companies with higher emissions. The well-developed Cournot non-cooperative game model is employed to describe the behavior of power producers,...
This paper studies built-to-order (BTO) and make-to-stock (MTS) competition under dynamic demand. Market leader who operates under MTS (time postponement) and follower by build-to-order (form postponement) are manufactured according to the common platform. Postponement competition is taken into consideration from a motivation to avoid cannibalization among products and improves postponement competitiveness...
We provide a mechanism that solves the engineering and economic rate allocation problems in the presence of production when agents behave in a way that produces a Nash Equilibrium. The mechanism works for a range of utility functions, wider than just quasi-linear functions. The mechanism produces a Pareto-optimal allocation at Nash equilibrium. The mechanism is balanced in equilibrium and satisfies...
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