Designing an Incentive Contract Menu for Sustaining the Electricity Market
| dc.contributor.author | Yu, Ying | |
| dc.contributor.author | Jin, Tongdan | |
| dc.contributor.author | Zhong, Chunjie | |
| dc.date.accessioned | 2021-07-01T18:10:05Z | |
| dc.date.available | 2021-07-01T18:10:05Z | |
| dc.date.issued | 2015-12 | |
| dc.description.abstract | This paper designs an incentive contract menu to achieve long-term stability for electricity prices in a day-ahead electricity market. A bi-level Stackelberg game model is proposed to search for the optimal incentive mechanism under a one-leader and multi-followers gaming framework. A multi-agent simulation platform was developed to investigate the effectiveness of the incentive mechanism using an independent system operator (ISO) and multiple power generating companies (GenCos). Further, a Q-learning approach was implemented to analyze and assess the response of GenCos to the incentive menu. Numerical examples are provided to demonstrate the effectiveness of the incentive contract. | |
| dc.description.department | Engineering | |
| dc.format | Text | |
| dc.format.extent | 22 pages | |
| dc.format.medium | 1 file (.pdf) | |
| dc.identifier.citation | Yu, Y., Jin, T., & Zhong, C. (2015). Designing an incentive contract menu for sustaining the electricity market. Energies, 8(12), pp. 14197-14218. | |
| dc.identifier.doi | https://doi.org/10.3390/en81212419 | |
| dc.identifier.uri | https://hdl.handle.net/10877/13803 | |
| dc.language.iso | en | |
| dc.publisher | Multidisciplinary Digital Publishing Institute | |
| dc.rights.holder | © 2015 The Authors. | |
| dc.rights.license | This work is licensed under a Creative Commons Attribution 4.0 International License. | |
| dc.source | Energies, 2015, Vol. 8, No. 12, pp. 14197-14218. | |
| dc.subject | stackelberg game | |
| dc.subject | q-learning | |
| dc.subject | multi-agent simulation | |
| dc.subject | electricity market | |
| dc.subject | incentive mechanism | |
| dc.subject | Ingram School of Engineering | |
| dc.title | Designing an Incentive Contract Menu for Sustaining the Electricity Market | |
| dc.type | Article |