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http://dx.doi.org/10.5370/KIEE.2010.59.12.2143

Modeling of Demand Side Bidding in Demand Resource Market using Game Theory  

Lee, Kwang-Ho (단국대 전자전기공학부)
Cho, Sung-Wi (단국대 전자전기공학과)
Publication Information
The Transactions of The Korean Institute of Electrical Engineers / v.59, no.12, 2010 , pp. 2143-2149 More about this Journal
Abstract
Market price and curtailment amounts of the Demand Resource Market(DRM) are determined by competition between electricity consumers. An important aspect of the DRM involves the assessment of strategic behavior of participants for maximizing their profits. This paper presents economic equilibrium models for simulating imperfect competition among electricity consumers in the DRM and analyzes the models at Nash Equilibrium of Game Theory. The proposed demand functions and supply functions of DRM are based on the Demand Resource Market Rules in Korean electricity market. Simulation results show that the models are adequate for obtaining Nash Equilibrium of consumers' competitive curtailment.
Keywords
Electricity market; Demand resource market; Demand side bidding; Nash equilibrium; Game theory;
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