A novel method of decision-making for power companies using fuzzy sets

This paper presents a novel method using fuzzy sets to estimating the bidding. strategies of competitors and to dealing with the vague environment. Firstly a general model is proposed. Then fuzzy tools will be used to estimate other competitors' bidding strategy and the vague environment. After that, a simple 2 participants example is given to illustrate the model. And the results are compared with the results got in a perfect information environment and show that fuzzy sets can be used to solve the information-lack problem in power markets.