Evolving Buyer's Bidding Strategies Using Game-theoretic Co-Evolutionary Algorithm

Srinivasan, Dipti; Tham, Chen-Khong; Wu, Chengyu; Liew, A.C.

doi:10.1109/isap.2007.4441641

Cited by 4 publications

(4 citation statements)

References 8 publications

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“…In the proposed electricity market, some of the DERs in each grid can compete with the DERs of other grids by regulating power and their output load demand. The nature of this approach is very well compatible with the theory of n players, and the concept of game theory has been applied successfully to these related problems in the power system . Figure shows the proposed bi‐level structure for determining Nash equilibrium point and also profit allocation among the members participating in the coalition.…”

Section: The Proposed Bi‐level Structurementioning

confidence: 94%

“…The nature of this approach is very well compatible with the theory of n players, and the concept of game theory has been applied successfully to these related problems in the power system. [18][19][20][21][22][23] Figure 2 shows the proposed bi-level structure for determining Nash equilibrium point and also profit allocation among the members participating in the coalition. The primary level has 2 units called bidding strategy unit and relaxation unit.…”

Section: The Proposed Bi-level Structurementioning

confidence: 99%

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Distributed generation for economic benefit maximization through coalition formation-based game theory concept

Marzband

Ardeshiri

Moafi

et al. 2017

Int. Trans. Electr. Energ. Syst.

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Summary For enhancing the awareness and competitiveness of distributed energy resources (DER) in energy markets, an optimal and implementation and operation of these resources. To address this issue, in this paper, objective, DERs that can collaborate with other DER installed as closer or far topologies, forming coalitions for gaining competitiveness between each other in the energy market, have been selected for study. The profit allocation due to coalition between DERs is being identified as an important issue for ensuring renewable sources installation in smart grids. A methodology with, bi‐level, structures is proposed to maximize the profit in a competitive market and allocate profit resulting from a coalition formation between multiple energy districts encompassing DERs. In the primary level analysis, a mechanism based on noncooperative game theory is presented with the aim of creating a competitive market, as well as, to study the supply energy strategies based on pricing mechanisms of multiple energy suppliers. In the second level, various distribution methods, namely, Shapley, Nucleolus, and Merge and Split, are compared with each other for profit allocation analysis. Our study highlights that the disconnection of DERs resulting from pricing decisions allows them to collaborate together with aggregated facilities to achieve higher profits due to excess production and avoid penalties due to shortages in production, which in essence, demonstrates a significant operational increase in their profits, a concept that favors the likelihood for all energy suppliers and producers to form a coalition for economic optimizations.

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Section: The Proposed Bi‐level Structurementioning

confidence: 94%

Section: The Proposed Bi-level Structurementioning

confidence: 99%

Distributed generation for economic benefit maximization through coalition formation-based game theory concept

Marzband

Ardeshiri

Moafi

et al. 2017

Int. Trans. Electr. Energ. Syst.

View full text Add to dashboard Cite

show abstract

“…The study, [19] has focused on minimizing the LMP of buyers by using various evolutionary algorithms and adding a game-based decision based on game theory. Furthermore, the alliance strategy was studied in [20] and proved that buyers could reduce the costs by the number of members. In [21], different game scenarios are simulated individually or in collaboration and the results indicate that there is a good cooperation between the members.…”

Section: Literature Reviewmentioning

confidence: 99%

Optimal coalition formation and maximum profit allocation for distributed energy resources in smart grids based on cooperative game theory

Moafi

Ardeshiri

Mudiyanselage

et al. 2023

International Journal of Electrical Power & Energy Systems

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“…The optimal bidding strategies for generators and large consumers in a competitive market were studied in [11] using Monte Carlo sampling to estimate rival behavior. Srinivasan et al [12] focused on minimizing the LMP of buyers using different evolutionary algorithms and adding a game theoretic decision module. The alliance strategy of buyers was studied in [13], and it was shown that buyers could lower their costs by evolving their group sizes and memberships.…”

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confidence: 99%

Bidding and Cooperation Strategies for Electricity Buyers in Power Markets

Srinivasan

Trung

Singh

2016

IEEE Systems Journal

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Deregulation of electric power industries in recent years has opened many opportunities for electricity buyers. However, the strong influence of network physical constraints may result in economic decisions that adversely affect the interests of the consumers. Compared with the monopolistic economy of yesteryears, electricity buyers may actually be able to influence the market by cooperating with other buyers in the network. This paper presents a coevolutionary approach to investigate individual and cooperative strategies of buyers in a power market, taking fully into account the physical network constraints. First, the study focuses on deterministic cases, where buyers choose their bidding strategies to maximize the profits in different scenarios of playing individually or cooperatively. It is found that, by evolutionary learning, buyers can benefit from cooperation. After that, the uncertain nature of the market is modeled, where buyers find optimal cooperation strategies to hedge against the risk of low payoffs. The payoff distribution problem in cooperative game theory was linked with the optimal coalition generation problem by proving a theorem. The statistically consistent simulation results show that our approach is able to discover interesting cooperation strategies and can be easily extended to practical networks with a large number of buyers.

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Evolving Buyer's Bidding Strategies Using Game-theoretic Co-Evolutionary Algorithm

Cited by 4 publications

References 8 publications

Distributed generation for economic benefit maximization through coalition formation-based game theory concept

Distributed generation for economic benefit maximization through coalition formation-based game theory concept

Optimal coalition formation and maximum profit allocation for distributed energy resources in smart grids based on cooperative game theory

Bidding and Cooperation Strategies for Electricity Buyers in Power Markets

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