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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.
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Item Type: Report
Type of entry: Primary publication
Title: Rational Actors in Balancing Markets: a Game-Theoretic Model and Results
Language: English
Date: 14 October 2009
Place of Publication: Darmstadt
Series: Darmstadt Discussion Papers in Economics
Series Volume: 171
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.

Uncontrolled Keywords: game theory, nash equilibrium, regulated energy market, balancing power
URN: urn:nbn:de:tuda-tuprints-47550
Additional Information:

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

Classification DDC: 300 Social sciences > 330 Economics
Divisions: 01 Department of Law and Economics > Volkswirtschaftliche Fachgebiete
01 Department of Law and Economics
Date Deposited: 14 Oct 2009 13:20
Last Modified: 25 Oct 2023 09:32
URI: https://tuprints.ulb.tu-darmstadt.de/id/eprint/4755
PPN: 378321382
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