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Rational Actors in Balancing Markets: a Game-Theoretic Model and Results

Rupp, Thomas (2009)
Rational Actors in Balancing Markets: a Game-Theoretic Model and Results.
Report, Erstveröffentlichung

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: 2009
Autor(en): Rupp, Thomas
Art des Eintrags: Erstveröffentlichung
Titel: Rational Actors in Balancing Markets: a Game-Theoretic Model and Results
Sprache: Englisch
Publikationsjahr: 2009
Ort: Darmstadt
Reihe: Darmstadt Discussion Papers in Economics
Band einer Reihe: 171
URL / URN: http://tuprints.ulb.tu-darmstadt.de/4755
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
URN: urn:nbn:de:tuda-tuprints-47550
Zusätzliche Informationen:

JEL classification: C73, D58, Q41, D40; Erstellt Mai 2006

Sachgruppe der Dewey Dezimalklassifikatin (DDC): 300 Sozialwissenschaften > 330 Wirtschaft
Fachbereich(e)/-gebiet(e): 01 Fachbereich Rechts- und Wirtschaftswissenschaften
01 Fachbereich Rechts- und Wirtschaftswissenschaften > Volkswirtschaftliche Fachgebiete
Hinterlegungsdatum: 31 Jan 2016 20:59
Letzte Änderung: 25 Okt 2023 09:32
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