Agent-based Optimization to Estimate Nash Equilibrium in Power Markets

dc.contributor.authorYücekaya, Ahmet
dc.contributor.authorValenzuela, Jorge
dc.date.accessioned2019-06-27T08:03:39Z
dc.date.available2019-06-27T08:03:39Z
dc.date.issued2013
dc.departmentFakülteler, Mühendislik ve Doğa Bilimleri Fakültesi, Endüstri Mühendisliği Bölümüen_US
dc.description.abstractIn most deregulated power markets firms bid daily into a day-ahead power market. The auction mechanism supply and demand determine the equilibrium at each hour. In this environment firms aim to maximize their revenues by carefully determining their bids. This requires the development of effective computational methods that help them estimate their competitors' behaviors under incomplete information. In this article an agent-based method that uses particle swarm optimization is described to simulate the behavior of market participants. Particle swarm optimization is used in the bidding process and an agent-based model is applied to find a Nash equilibrium. Different stopping conditions are used to determine the equilibrium. Experimental results are presented for two power systems.en_US]
dc.identifier.citation4
dc.identifier.doi10.1080/15567249.2011.578103en_US
dc.identifier.endpage216
dc.identifier.issn1556-7249en_US
dc.identifier.issn1556-7249
dc.identifier.issue2
dc.identifier.scopus2-s2.0-84872482549en_US
dc.identifier.scopusqualityQ1
dc.identifier.startpage209en_US
dc.identifier.urihttps://hdl.handle.net/20.500.12469/821
dc.identifier.urihttps://doi.org/10.1080/15567249.2011.578103
dc.identifier.volume8en_US
dc.identifier.wosWOS:000314637200013en_US
dc.identifier.wosqualityN/A
dc.institutionauthorYücekaya, Ahmeten_US
dc.language.isoenen_US
dc.publisherTaylor & Francis Incen_US
dc.relation.journalEnergy Sources Part B-Economics Planning And Policyen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectAgent-based modeling and simulationen_US
dc.subjectElectricity priceen_US
dc.subjectEquilibriumen_US
dc.subjectParticle swarm optimization (PSO)en_US
dc.subjectPower marketsen_US
dc.subjectStrategic biddingen_US
dc.titleAgent-based Optimization to Estimate Nash Equilibrium in Power Marketsen_US
dc.typeArticleen_US
dspace.entity.typePublication

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