Extreme Nash equilibrium of polymatrix games in electricity market

Kailash Chand Sharma, Rohit Bhakar, Harpal Tiwari

Research output: Chapter in Book/Report/Conference proceedingConference contribution

4 Citations (Scopus)
187 Downloads (Pure)

Abstract

Game theoretical approaches are widely used for the analysis of oligopolistic electricity markets. Nash equilibrium is a solution concept of game theoretical approaches. Due to existence of mixed strategy equilibrium and large number of multiple players, finding Nash equilibrium for problems in electricity market is a difficult task. To resolve these difficulties, this paper proposes a simplified approach for finding extreme Nash equilibrium, based on payoff matrix approach and mixed integer linear programming (MILP). To illustrate the proposed approach, a practical case study of Cournot poly-matrix game is considered. Eliminating constraints are appended on the proposed approach to find a global optimal solution. Obtained results show the strength of proposed approach, in terms of simplicity and computational time.

Original languageEnglish
Title of host publicationInternational Conference on Recent Advances and Innovations in Engineering, ICRAIE 2014
PublisherIEEE
ISBN (Print)9781479940400
DOIs
Publication statusPublished - 1 Jan 2014
EventInternational Conference on Recent Advances and Innovations in Engineering, ICRAIE 2014 - Jaipur, UK United Kingdom
Duration: 9 May 201411 May 2014

Conference

ConferenceInternational Conference on Recent Advances and Innovations in Engineering, ICRAIE 2014
CountryUK United Kingdom
CityJaipur
Period9/05/1411/05/14

Keywords

  • Electricity market
  • mixed-integer linear programming
  • Nash equilibrium
  • payoff matrix approach
  • poly-matrix game

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