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conference paper

A comparison of Nash equilibria analysis and agent-based modelling for power markets

Krause, T.
•
Beck, E. V.
•
Cherkaoui, R.  
Show more
2006
International Journal of Electrical Power & Energy Systems
15th Power Systems Computation Conference (PSCC'05)

In this paper we compare Nash equilibria analysis and agent-based modelling for assessing the market dynamics of network-constrained pool markets. Power suppliers submit their bids to the market place in order to maximize their payoffs, where we apply reinforcement learning as a behavioral agent model. The market clearing mechanism is based on the locational marginal pricing scheme. Simulations are carried out on a benchmark power system. We show how the evolution of the agent-based approach relates to the existence of a unique Nash equilibrium or multiple equilibria in the system. Additionally, the parameter sensitivity of the results is discussed. [All rights reserved Elsevier]

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Type
conference paper
DOI
10.1016/j.ijepes.2006.03.002
Web of Science ID

WOS:000242261600003

Author(s)
Krause, T.
Beck, E. V.
Cherkaoui, R.  
Germond, A.  
Andersson, G.
Ernst, D.
Date Issued

2006

Published in
International Journal of Electrical Power & Energy Systems
Volume

28

Issue

9

Start page

599

End page

607

Subjects

learning (artificial intelligence)

•

power engineering computing

•

power markets

•

power system economics

•

pricing

•

sensitivity analysis

•

software agents

•

Nash equilibria analysis

•

agent-based modelling

•

power markets

•

network-constrained pool markets

•

reinforcement learning

•

behavioral agent model

•

market clearing mechanism

•

locational marginal pricing scheme

•

parameter sensitivity

Editorial or Peer reviewed

REVIEWED

Written at

EPFL

EPFL units
LRE  
SCI-STI-FR  
DESL  
Event nameEvent placeEvent date
15th Power Systems Computation Conference (PSCC'05)

Liege, Belgium

August 22-26, 2005

Available on Infoscience
April 4, 2007
Use this identifier to reference this record
https://infoscience.epfl.ch/handle/20.500.14299/4557
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