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Inverse Equilibrium Analysis of Oligopolistic Electricity Markets

Risanger, Simon; Fleten, Stein-Erik; Gabriel, Steven Adam
Peer reviewed, Journal article
Accepted version
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URI
https://hdl.handle.net/11250/2677631
Date
2020
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  • Institutt for industriell økonomi og teknologiledelse [1893]
  • Publikasjoner fra CRIStin - NTNU [19694]
Original version
10.1109/TPWRS.2020.2993070
Abstract
Inverse equilibrium modeling fits parameters of an equilibrium model to observations. This allows investigation of whether market structures fit observed outcomes and it has predictive power. We introduce a methodology that leverages relaxed stationarity conditions from Karush-Kuhn-Tucker conditions to set up inverse equilibrium problems. This facilitates reframing of existing equilibrium approaches on power systems into inverse equilibrium programs. We illustrate the methodology on network-constrained and unconstrained Nash-Cournot games between price-making power generators. The inverse equilibrium problems in this paper reformulate into linear programming problems that are flexible and interpretable. Still, inverse equilibrium modeling provides generally inconsistent estimation and econometric approaches are better for this purpose.
Publisher
Institute of Electrical and Electronics Engineers (IEEE)
Journal
IEEE Transactions on Power Systems

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