The Research And Application Of Evolutionary Game Theory In The Power Market

As an independent economic entity,power generation companies in China's electric power market participate in market competition by price bidding.How to obtain maximum profit by using optimal bidding strategies is one of the key issues.In this paper the replicator dynamics model of evolutionary game theory is applied to simulate generation companies' discriminatory and bounded rationality bidding strategies according to different generating set status in a power market.The spontaneous forming process of the generation companies' bidding strategies and evolutionarily stable strategies are both analyzed.Practical cases are set to verify the models' ability and reliability.The results not only demonstrate the evolutionary game theory model can describe the dynamic process of generation companies' bidding quite well,but also suggest reasonable price competition rules must be constituted so as to ensure and promote the healthy development of the generation-side power market.