| Title |
Modeling of Demand Side Bidding in Demand Resource Market using Game Theory |
| Authors |
이광호(Lee, Kwang-Ho) ; 조성위(Cho, Sung-Wi) |
| Keywords |
Electricity market ; Demand resource market ; Demand side bidding ; Nash equilibrium ; Game theory |
| Abstract |
Market price and curtailment amounts of the Demand Resource Market(DRM) are determined by competition between electricity consumers. An important aspect of the DRM involves the assessment of strategic behavior of participants for maximizing their profits. This paper presents economic equilibrium models for simulating imperfect competition among electricity consumers in the DRM and analyzes the models at Nash Equilibrium of Game Theory. The proposed demand functions and supply functions of DRM are based on the Demand Resource Market Rules in Korean electricity market. Simulation results show that the models are adequate for obtaining Nash Equilibrium of consumers' competitive curtailment. |