An Agent-Based Optimal Bidding Function

Problems such as price volatility have been observed in electric power markets. Demand-side participation is often offered as a potential solution by promising to increase market efficiency when hockey-stick type offer curves are present. However, individual endconsumer will surely value electricity differently, which makes demand-side participation as a group and at a bus difficult. In this paper demand is categorized into two groups: one that highly values reliability and the other that does not. The two types are modeled separately and a new optimal bidding function is developed and tested based on this model. .

• Type: Conference
• Year: 2006
• Where: HICSS
• Authors: HyungSeon Oh, Robert J. Thomas
• Keywords: Biometrics, Demand-side Participation, Electric Power Markets, HICSS 2006, System Sciences, Type Offer Curves