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Dynamic Evolution Analysis of Power Market Based on Heterogeneous Behavioral Decision-Making

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4 Author(s)
Runying Chen ; Coll. of Electr. & Inf. Eng., Changsha Univ. of Sci. & Technol., Changsha, China ; Hongming Yang ; Shaoyuan Lai ; Qingzhu Lu

In order to simulate the dynamic of bid accurately, power generation companies select behavioral decision-making from a finite set of different behavioral decision-makings. Each generation company has taken the probability of decision-making behavior depending on the profits of power generation companies. Using more sophisticated decision-makings may require extra information costs. The selected probability of behavioral decision-making is from the replicator of dynamic equation. We consider a typical example where two nodes choose between two decision-makings: the bounded rationality decision-making and the best-reply decision-making. From the figure simulation we can see that the best-reply decision-making can not be out of the bounded rationality decision-making. Under certain conditions, generation companies would give priority to select the bounded rationality decision-making.

Published in:

Fuzzy Systems and Knowledge Discovery, 2009. FSKD '09. Sixth International Conference on  (Volume:6 )

Date of Conference:

14-16 Aug. 2009