Prosumers Participation in Markets: A Scalar-Parameterized Function Bidding Approach
arxiv(2023)
摘要
In uniform-price markets, suppliers compete to supply a resource to
consumers, resulting in a single market price determined by their competition.
For sufficient flexibility, producers and consumers prefer to commit to a
function as their strategies, indicating their preferred quantity at any given
market price. Producers and consumers may wish to act as both, i.e., prosumers.
In this paper, we examine the behavior of profit-maximizing prosumers in a
uniform-price market for resource allocation with the objective of maximizing
the social welfare. We propose a scalar-parameterized function bidding
mechanism for the prosumers, in which we establish the existence and uniqueness
of Nash equilibrium. Furthermore, we provide an efficient way to compute the
Nash equilibrium through the computation of the market allocation at the Nash
equilibrium. Finally, we present a case study to illustrate the welfare loss
under different variations of market parameters, such as the market's supply
capacity and inelastic demand.
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