Introduction to game theory and its application in electric power markets

Singh, Harry

doi:10.1109/67.795133

Cited by 85 publications

(39 citation statements)

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“…The Game theory concept is applicable to a multi-objective optimization problem in its own original status without the need for modifying or combining the objectives, unlike other methodologies which combine the desired goals of the optimization problem, construct a scalar function and then use a common scalar optimization approach to resolve the problem [21]. The major problem with these methodologies, which are called plain aggregating approaches, is the unavailability of any straightforward method for combining the objectives or goals of the problem when they are not constant quantities.…”

Section: Multi-objective Optimizationmentioning

confidence: 99%

Optimal Controller Design for Single-Phase PFC Rectifiers Using SPEA Multi-Objective Optimization

Amirahmadi¹,

Dastfan²,

Rafiei³

2012

Journal of Power Electronics

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In this paper a new method for the design of a simple PI controller is presented and it has been applied in the control of a Boost based PFC rectifier. The Strength Pareto evolutionary algorithm, which is based on the Pareto Optimality concept, used in Game theory literature is implemented as a multi-objective optimization approach to gain a good transient response and a high quality input current. In the proposed method, the input current harmonics and the dynamic response have been assumed as objective functions, while the PI controller's gains of the PFC rectifier (Kpi, Tpi) are design variables. The proposed algorithm generates a set of optimal gains called a Pareto Set corresponding to a Pareto Front, which is a set of optimal results for the objective functions. All of the Pareto Front points are optimum, but according to the design priority objective function, each one can be selected. Simulation and experimental results are presented to prove the superiority of the proposed design methodology over other methods.

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Section: Multi-objective Optimizationmentioning

confidence: 99%

Optimal Controller Design for Single-Phase PFC Rectifiers Using SPEA Multi-Objective Optimization

Amirahmadi¹,

Dastfan²,

Rafiei³

2012

Journal of Power Electronics

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“…[1] or [2]). The use of the conclusions of the game theory in practice is problematic, mainly because of the inconsistency between the model´s initial assumptions (individualism, rationality and interdependence of participants in the conflict [3]), which co-determinate how things should evolve in contrast to phenomena occurring in society, which deny axioms of the game theory (bounded rationality [4], collectivism [5]). …”

Section: Introductionmentioning

confidence: 99%

Strategic Partnership of Independent States as a Game

Hašková

2017

SHS Web Conf.

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Abstract. The paper analyses the basic strategies of the international trade of two countries, analogous to the strategies of the market behaviour of two companies in the duopoly. The two-stage methodological approach was applied to analyse a problem. The first stage includes the formulation of an analytical tool in the form of an international trade model based on the model of comparative advantage whose outputs are transformed into the language of the game theory apparatus and presented by a payoff matrix. Based on the payoff matrix, the relevant analyses are then performed in the second stage. In analogy with market reality, two elementary game strategies were analysed -the strategy of cooperation and the myopic strategy. It has been shown that the cooperation based on the "cartel" model of two firms is to a certain extent an adequate description of the behaviour model of two co-trading countries provided that the input assumptions of game theory are not significantly violated. The article explains why the "foreign trade cartel" is economically beneficial to all citizens of the trading countries unlike the cartel of companies operating within the same market, where the companies take key advantage from cooperation at the expense of consumer welfare.

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“…Game theory [5][6] can capture the strategic interactions among producers who are aware that their results depend on other competitors' decisions. Based on the game theory, [10][11][12][13][14][15][16][17][18][19][20][21][22] investigated the strategic interactions among producers in electricity markets.…”

Section: Introductionmentioning

confidence: 99%

Micro-economic analysis of the physical constrained markets: game theory application to competitive electricity markets

Bompard

Ragazzi

2006

Eur. Phys. J. B

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Abstract-Competition has been introduced in the electricity markets with the goal of reducing prices and improving efficiency. The basic idea which stays behind this choice is that, in competitive markets, a greater quantity of the good is exchanged at a lower and a lower price, leading to higher market efficiency.Electricity markets are pretty different from other commodities mainly due to the physical constraints related to the network structure that may impact the market performance. The network structure of the system on which the economic transactions need to be undertaken poses strict physical and operational constraints.Strategic interactions among producers that game the market with the objective of maximizing their producer surplus must be taken into account when modeling competitive electricity markets. The physical constraints, specific of the electricity markets, provide additional opportunity of gaming to the market players. Game theory provides a tool to model such a context. This paper discussed the application of game theory to physical constrained electricity markets with the goal of providing tools for assessing the market performance and pinpointing the critical network constraints that may impact the market efficiency. The basic models of game theory specifically designed to represent the electricity markets will be presented. IEEE30 bus test system of the constrained electricity market will be discussed to show the network impacts on the market performances in presence of strategic bidding behavior of the producers.

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Introduction to game theory and its application in electric power markets

Cited by 85 publications

References 1 publication

Optimal Controller Design for Single-Phase PFC Rectifiers Using SPEA Multi-Objective Optimization

Optimal Controller Design for Single-Phase PFC Rectifiers Using SPEA Multi-Objective Optimization

Strategic Partnership of Independent States as a Game

Micro-economic analysis of the physical constrained markets: game theory application to competitive electricity markets

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