Gaming Experiments for Analysis of Pricing Mechanisms at Electricity Markets

V. Chirkin, M. Goldstein, A. Gorbunov, M. Goubko, V. Korepanov, N. Korgin, T. Sayfutdinov, A. Sharova, T. Vaskovskaya

Research output: Contribution to journalArticlepeer-review

6 Citations (Scopus)

Abstract

A method is proposed to support management policy design and verification in complex cyber-physical & human systems (CPHS). A hierarchy of interconnected formal models is built to provide the multi-faceted view of the conflict situation lying in the core of a certain management problem. Game-theoretical analysis reveals the problem and mechanism design suggests the alternative management policy. Its efficiency is verified by multi-agent simulations and gaming experiments with experts. The approach is illustrated using the examples of two market manipulation issues arising on the Russian wholesale electricity market.

Original languageEnglish
Pages (from-to)13-18
Number of pages6
JournalIFAC-PapersOnLine
Volume49
Issue number32
DOIs
Publication statusPublished - 2016

Keywords

  • business games
  • congestion management
  • game theory
  • locational marginal price
  • management policy verification
  • oligopoly

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