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This paper has proposed a bid-based dynamic economic dispatch model to maximize the social profit in a competitive electricity market. The model synthetically considers various constraints such as ramp rates, transmission line capacity and emission constraints to obtain a physically feasible resource scheduling. A particle swarm optimization (PSO) algorithm is applied to solve the problem. Numerical simulation results show that the proposed PSO method is capable of obtaining high quality dispatch solution efficiently; furthermore, the algorithm is versatile and robust.