Rupp, Thomas (2006)
Rational Actors in Balancing Markets: a Game-Theoretic Model and Results.
Report, Bibliographie
Kurzbeschreibung (Abstract)
Guided by game theory we develop a model to explain behavioral equilibria under uncertainty and interaction with the spot market on balancing markets. We offer some insights for the general model and derive explicit solutions for a specific model in which the error distributions and pricing function are given. The most interesting conclusions are the unique existence of an equilibrium and that no participant acts contrary to the aggregate market (either all market participants buy or sell power) and all strategies are, normalized properly, equal (which is rather counterintuitive). Furthermore the aggregate behavior is a stochastic process varying around its own variance.
| Typ des Eintrags: | Report |
|---|---|
| Erschienen: | 2006 |
| Autor(en): | Rupp, Thomas |
| Art des Eintrags: | Bibliographie |
| Titel: | Rational Actors in Balancing Markets: a Game-Theoretic Model and Results |
| Sprache: | Englisch |
| Publikationsjahr: | Mai 2006 |
| Ort: | Darmstadt |
| Reihe: | Darmstadt Discussion Papers in Economics |
| Band einer Reihe: | 171 |
| URL / URN: | http://econstor.eu/bitstream/10419/32077/1/516777475.PDF |
| Kurzbeschreibung (Abstract): | Guided by game theory we develop a model to explain behavioral equilibria under uncertainty and interaction with the spot market on balancing markets. We offer some insights for the general model and derive explicit solutions for a specific model in which the error distributions and pricing function are given. The most interesting conclusions are the unique existence of an equilibrium and that no participant acts contrary to the aggregate market (either all market participants buy or sell power) and all strategies are, normalized properly, equal (which is rather counterintuitive). Furthermore the aggregate behavior is a stochastic process varying around its own variance. |
| Freie Schlagworte: | game theory, nash equilibrium, regulated energy market, balancing power |
| Zusätzliche Informationen: | JEL classification: C73, D58, Q41, D40 |
| Fachbereich(e)/-gebiet(e): | 01 Fachbereich Rechts- und Wirtschaftswissenschaften 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Volkswirtschaftliche Fachgebiete |
| Hinterlegungsdatum: | 14 Okt 2009 13:20 |
| Letzte Änderung: | 03 Jun 2018 21:23 |
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