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| Content Provider | IEEE Xplore Digital Library |
|---|---|
| Author | Hongyan Li Tesfatsion, L. |
| Copyright Year | 2009 |
| Description | Author affiliation: Electrical and Computer Engineering Department, Iowa State University, Ames, 50011 USA (Hongyan Li) || Economics Department, Iowa State University, Ames, 50011 USA (Tesfatsion, L.) |
| Abstract | This study uses a dynamic 5-bus test case implemented via the AMES Wholesale Power Market Test Bed to investigate strategic capacity withholding by generation companies (GenCos) in restructured wholesale power markets under systematically varied demand conditions. The strategic behaviors of the GenCos are simulated by means of a stochastic reinforcement learning algorithm motivated by human-subject laboratory experiments. The learning GenCos attempt to improve their earnings over time by strategic selection of their reported supply offers. This strategic selection can involve both physical capacity withholding (reporting of lower-than-true maximum operating capacity) and economic capacity withholding (reporting of higher-than-true marginal costs). We explore the ability of demand conditions to mitigate incentives for capacity withholding by letting demand bids vary from 100% fixed demand to 100% price-sensitive demand. |
| Starting Page | 1 |
| Ending Page | 11 |
| File Size | 818776 |
| Page Count | 11 |
| File Format | |
| ISBN | 9781424438105 |
| DOI | 10.1109/PSCE.2009.4839993 |
| Language | English |
| Publisher | Institute of Electrical and Electronics Engineers, Inc. (IEEE) |
| Publisher Date | 2009-03-15 |
| Publisher Place | USA |
| Access Restriction | Subscribed |
| Rights Holder | Institute of Electrical and Electronics Engineers, Inc. (IEEE) |
| Subject Keyword | System testing dynamic 5-bus test case Costs Laboratories Stochastic processes Power generation economics multi-agent stochastic reinforcement learning Learning restructured wholesale power markets demand-bid price sensititivy Capacity withholding Pricing Power markets locational marginal pricing Energy management Power generation AMES Wholesale Power Market Test Bed |
| Content Type | Text |
| Resource Type | Article |
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