Game-Theoretic Modeling of Electricity Markets in Central Europe

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Title:Game-Theoretic Modeling of Electricity Markets in Central Europe
Creators:
Hrubý, Martin
Čambala, Petr
Toufar, Jan
Journal or Publication Title:
AUCO Czech Economic Review, 4, 1, pp. 32-62
Uncontrolled Keywords:Prediction model, algorithmic game theory, modeling, electricity markets

Abstract

The paper deals with the methodology of computer modeling and simulation of complex markets with electricity and related products. The methodology is presented using a particular configuration of Central European markets with decentralized trading and international electricity transfers. The modeling approach is based on pure computer numerical solution in discrete state space determined by problems on which the modeled players are expected to decide—price offered for electricity supplied to various markets, breakdown of total power generation into individual commodities (yearly band, monthly band, spinning reserve) and setting bids in auctions for cross-border profiles. Similar approach to decision-making is adopted on the buyer’s side. Buyers are expected to strive to contract power supplies in the way that is most advantageous for them. The generated state space is then analyzed using concepts of mathematical game theory. In this way, we obtain a prediction of probable decisions of modeled player s in their market competition. Finally, we present a simplified power system forecast for Central Europe for year 2009.

Official URL: http://www.ceeol.com/aspx/issuedetails.aspx?issueid=F3AA04BB-F486-42D9-9512-1CB4DEC63BAD&articleid=692499A6-61A2-4BC0-8B87-75A64809865D

Title:Game-Theoretic Modeling of Electricity Markets in Central Europe
Creators:
Hrubý, Martin
Čambala, Petr
Toufar, Jan
Uncontrolled Keywords:Prediction model, algorithmic game theory, modeling, electricity markets
Subjects:H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
H Social Sciences > HF Commerce
Divisions:Section of external journals > AUCO Czech Economic Review
Journal or Publication Title:AUCO Czech Economic Review
Volume:4
Number:1
Page Range:pp. 32-62
ISSN:1802-4696
Publisher:Charles University
Related URLs:
URLURL Type
http://auco.cuni.czPublisher
http://avi.lib.cas.cz/node/183Publisher
ID Code:5440
Item Type:Article
Deposited On:13 May 2010 17:14
Last Modified:13 May 2010 15:15

Citation

Hrubý, Martin; Čambala, Petr; Toufar, Jan (2010) Game-Theoretic Modeling of Electricity Markets in Central Europe. AUCO Czech Economic Review, 4 (1). pp. 32-62. ISSN 1802-4696

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