A market scoring rule (MSR) – a popular tool for designing algorithmic prediction markets – is an incentive-compatible mechanism for the aggregation of probabilistic beliefs from myopic risk-neutral agents. In this paper, we add to a growing body of research aimed at understanding the precise manner in which the price process induced by a MSR incorporates private information from agents who dev...

Market power assessment is a prime concern when designing a deregulated electricity market. In this paper, we propose a new functional market power measure, termed transmission constrained network flow TCNF , that takes into account an AC model of the network. The measure unifies three large classes of long-term transmission constrained market power indices in the literature: residual supply ba...

This paper proposes a novel optimization algorithm Varying Population based Bacterial Foraging Algorithm (VPBFA), to solve optimal bidding strategy in a pool based electricity market. In a power market, Generating Companies (suppliers) participate in the bidding process in order to maximize their profits. Each supplier bid strategically for choosing the bidding coefficients to counter the compe...

It is difficult to eliminate all market power in electricity markets and it is therefore frequently suggested that some market power should be tolerated: extra revenues contribute to fixed cost recovery, facilitate investment, and increase security of supply. This suggestion implicitly assumes all generation technologies benefit equally from market power. We assess a mixture of conventional and...

The consequences of the liberalisation electricity markets have been widely discussed in literature emphasising successes or failures privatisation and deregulation. While most developed power systems undergone a form economic transformation, they still require to be monitored analysed assess market power. Polish system is an example wherein potential examined fifteen years ago was summarised a...

the impact of price changes (at a level of market) on the other market levels (transfer of prices) will affect welfare of producers, marketing agents as well as consumers. in this study, asymmetric tea market is investigated through an application of johansen co-integration analysis and error correction model (ecm model) to time series of 1976-2009. co integration method used in the import mark...

We consider an electricity generator with a single generating unit making offers of energy into an electricity pool market. For a given time period, it must submit to the pool system operator a supply function, typically consisting of a fixed number of quantities of energy and prices at which it wants these dispatched. The amount of dispatch depends on the supply function offered along with the...