Implication of different pricing rules on generators' bidding behaviour

Ly Fie Sugianto; Zhigang Liao

doi:10.1109/ICIEA.2011.5975999

Implication of different pricing rules on generators' bidding behaviour

Ly Fie Sugianto, Zhigang Liao

Electrical and Computer Systems Engineering

Research output: Chapter in Book/Report/Conference proceeding › Conference Paper › Research › peer-review

2 Citations (Scopus)

Abstract

This paper presents an agent-based model to examine the employment of different pricing rules, namely the Uniform pricing rule and Pay-as-bid pricing rule. Using Q-learning in repetitive trading process, generator agents learn the market characteristics and seek to maximize their revenue by exploring bidding strategies. Supply quantity withholding and generators' collusion phenomenon have been observed in this study under certain market arrangements. The implication of different pricing rules on the total dispatch costs and generators' profit are discussed in this paper.

Original language	English
Title of host publication	Proceedings of the 2011 6th IEEE Conference on Industrial Electronics and Applications, ICIEA 2011
Pages	2421-2425
Number of pages	5
DOIs	https://doi.org/10.1109/ICIEA.2011.5975999
Publication status	Published - 5 Sept 2011
Event	IEEE Conference on Industrial Electronics and Applications 2011 - Beijing, China Duration: 21 Jun 2011 → 23 Jun 2011 Conference number: 6th http://ieeeiciea.org/2011/index.html http://ieeexplore.ieee.org/xpl/mostRecentIssue.jsp?punumber=5959905 (Proceedings)

Publication series

Name	Proceedings of the 2011 6th IEEE Conference on Industrial Electronics and Applications, ICIEA 2011

Conference

Conference	IEEE Conference on Industrial Electronics and Applications 2011
Abbreviated title	ICIEA 2011
Country/Territory	China
City	Beijing
Period	21/06/11 → 23/06/11
Internet address	http://ieeeiciea.org/2011/index.html http://ieeexplore.ieee.org/xpl/mostRecentIssue.jsp?punumber=5959905 (Proceedings)

Keywords

agent-based model
auction market
pricing rules
Q-Learning

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10.1109/ICIEA.2011.5975999

Cite this

Sugianto, L. F., & Liao, Z. (2011). Implication of different pricing rules on generators' bidding behaviour. In Proceedings of the 2011 6th IEEE Conference on Industrial Electronics and Applications, ICIEA 2011 (pp. 2421-2425). (Proceedings of the 2011 6th IEEE Conference on Industrial Electronics and Applications, ICIEA 2011). https://doi.org/10.1109/ICIEA.2011.5975999

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author = "Sugianto, {Ly Fie} and Zhigang Liao",

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doi = "10.1109/ICIEA.2011.5975999",

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note = "IEEE Conference on Industrial Electronics and Applications 2011, ICIEA 2011 ; Conference date: 21-06-2011 Through 23-06-2011",

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Sugianto, LF & Liao, Z 2011, Implication of different pricing rules on generators' bidding behaviour. in Proceedings of the 2011 6th IEEE Conference on Industrial Electronics and Applications, ICIEA 2011. Proceedings of the 2011 6th IEEE Conference on Industrial Electronics and Applications, ICIEA 2011, pp. 2421-2425, IEEE Conference on Industrial Electronics and Applications 2011, Beijing, China, 21/06/11. https://doi.org/10.1109/ICIEA.2011.5975999

Implication of different pricing rules on generators' bidding behaviour. / Sugianto, Ly Fie; Liao, Zhigang.
Proceedings of the 2011 6th IEEE Conference on Industrial Electronics and Applications, ICIEA 2011. 2011. p. 2421-2425 (Proceedings of the 2011 6th IEEE Conference on Industrial Electronics and Applications, ICIEA 2011).

Research output: Chapter in Book/Report/Conference proceeding › Conference Paper › Research › peer-review

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Implication of different pricing rules on generators' bidding behaviour

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