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Using market simulation to recognize the price maker firms

Soleymani, S ; Sharif University of Technology | 2006

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  1. Type of Document: Article
  2. DOI: 10.1109/ICPST.2006.321874
  3. Publisher: Institute of Electrical and Electronics Engineers Inc , 2006
  4. Abstract:
  5. This paper proposes a new method for recognizing the price maker firms in the Independent System Operator (ISO)'s point of view. In the proposed methodology, at the first, all firms are supposed to be as price takers. Then the state of each firm will be changed from price taker to price maker and the obtained profit in either of cases is compared. In the proposed methodology the Supply Function Equilibrium (SFE) model is used for modeling a price maker firm's bidding strategy. If a price maker firm changes the market clearing price (MCP) noticeably, that firm is realized as a price maker. GAMS (General Algebraic Modeling System) language has been used to solve the market simulation model using MINOS optimization software with non-linear programming. © 2006 IEEE
  6. Keywords:
  7. Computer simulation ; Costs ; Electric power distribution ; Industrial economics ; Mathematical models ; Nonlinear programming ; Optimization ; Strategic planning ; General Algebraic Modeling System (GAMS) ; Market simulation ; Price maker firms ; Price taker ; Electric industry
  8. Source: 2006 International Conference on Power System Technology, POWERCON2006, Chongqing, 22 October 2006 through 26 October 2006 ; 2006 ; 1424401119 (ISBN); 9781424401116 (ISBN)
  9. URL: https://ieeexplore.ieee.org/document/4115995