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Strategic Bidding in Electricity Markets: An agent-based simulator with game theory for scenario analysis
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Orientador(es)
Resumo(s)
Electricity markets are complex environments, involving a large number of different entities, with specific characteristics
and objectives, making their decisions and interacting in a dynamic scene. Game-theory has been widely used to support
decisions in competitive environments; therefore its application in electricity markets can prove to be a high potential tool. This
paper proposes a new scenario analysis algorithm, which includes the application of game-theory, to evaluate and preview different
scenarios and provide players with the ability to strategically react in order to exhibit the behavior that better fits their
objectives. This model includes forecasts of competitor players’ actions, to build models of their behavior, in order to define the
most probable expected scenarios. Once the scenarios are defined, game theory is applied to support the choice of the action
to be performed. Our use of game theory is intended for supporting one specific agent and not for achieving the equilibrium in
the market. MASCEM (Multi-Agent System for Competitive Electricity Markets) is a multi-agent electricity market simulator
that models market players and simulates their operation in the market. The scenario analysis algorithm has been tested within
MASCEM and our experimental findings with a case study based on real data from the Iberian Electricity Market are presented
and discussed.
Descrição
Palavras-chave
Decision making Electricity markets Intelligent agents Game theory Multiagent systems Scenario analysis
Contexto Educativo
Citação
Editora
IOS Press