Nash equilibrium in a pay-as-bid electricity market. Part 2 : best response of a producer
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F49777513%3A23220%2F16%3A43926334" target="_blank" >RIV/49777513:23220/16:43926334 - isvavai.cz</a>
Result on the web
<a href="http://www.tandfonline.com/doi/full/10.1080/02331934.2016.1227982" target="_blank" >http://www.tandfonline.com/doi/full/10.1080/02331934.2016.1227982</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1080/02331934.2016.1227982" target="_blank" >10.1080/02331934.2016.1227982</a>
Alternative languages
Result language
angličtina
Original language name
Nash equilibrium in a pay-as-bid electricity market. Part 2 : best response of a producer
Original language description
We consider a multi-leader-common-follower model of a pay-as-bid electricity market in which the producers provide the regulator with either linear or quadratic bids.We prove that for a given producer only linear bids canmaximize his profit. Such linear bids are referred as the 'best response' of the given producer. They are obtained assuming the demand is known and some estimate of the bids of the other producers is available. Nevertheless we also show that whenever no best response exists, the optimal profit can be asymptotically attained by a sequence of quadratic bids converging to the so-called 'limiting best response'. An explicit formula for such a sequence is provided.
Czech name
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Czech description
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Classification
Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
JA - Electronics and optoelectronics
OECD FORD branch
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Result continuities
Project
<a href="/en/project/ED2.1.00%2F03.0094" target="_blank" >ED2.1.00/03.0094: Regional Innovation Centre for Electrical Engineering (RICE)</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)
Others
Publication year
2016
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Optimization : a Journal of Mathematical Programming and Operations Research
ISSN
0233-1934
e-ISSN
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Volume of the periodical
65
Issue of the periodical within the volume
9
Country of publishing house
GB - UNITED KINGDOM
Number of pages
27
Pages from-to
1-27
UT code for WoS article
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EID of the result in the Scopus database
2-s2.0-84988430419