GENERATORS’ STRATEGIC BEHAVIOUR RESERCH BASED ON THE AGENT APPROACH TO THE POWER MARKET MODELING
GENERATORS’ STRATEGIC BEHAVIOUR RESERCH BASED ON THE AGENT APPROACH TO THE POWER MARKET MODELING

Summary/Abstract: This paper is devoted to the modeling of power markets and the generators’ strategic behavior, and to the application of market power strategies, in particular.The generator’s market power is its ability to influence the price of the offer and sale conditions in the power market without a reaction from competitors. The human factor leads to irrational features in the decision-making. That fact does not allow us to describe the behavior of market agents in the form of the optimization problem. So agent-based modeling of the complex economic systems is being actively developed now.

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