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Bidding

About: Bidding is a research topic. Over the lifetime, 15371 publications have been published within this topic receiving 294233 citations. The topic is also known as: competitive bidding.


Papers
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Journal ArticleDOI
TL;DR: In this article, a mixed integer nonlinear optimization formulation is built to determine optimal offers by taking into account expected wind power forecasting errors and the power balancing capability of the ESS, and a modified gradient descent algorithm is designed to solve this nonlinear problem.
Abstract: Due to their flexible charging and discharging capabilities, energy storage systems (ESS) are considered a promising complement to wind farms (WFs) participating in electricity markets. This paper presents integrated day-ahead bidding and real-time operation strategies for a wind-storage system to perform arbitrage and to alleviate wind power deviations from day-ahead contracts. The strategy is developed with two-price balancing markets in mind. A mixed integer nonlinear optimization formulation is built to determine optimal offers by taking into account expected wind power forecasting errors and the power balancing capability of the ESS. A modified gradient descent algorithm is designed to solve this nonlinear problem. A number of case studies validate the computational efficiency and optimality of the algorithm. Compared to the existing strategies, the proposed strategies yield increased economic profit, regardless of the temporal dependence of wind power forecasting errors.

91 citations

Posted Content
TL;DR: In this paper, the results of an experiment designed explicitly to test whether posted prices affect bidding behavior were discussed, and it was shown that high posted prices lead to increased bids in subsequent rounds.
Abstract: In most experimental auctions, researchers ask participants to bid on the same item in multiple potentially binding rounds, posting the price submitted by the top bidder or bidders after each of those rounds. If bids submitted in later rounds are affiliated with posted prices from earlier rounds, this practice could result in biased value estimates. In this article, we discuss the results of an experiment designed explicitly to test whether posted prices affect bidding behavior. We find that for familiar items, high posted prices lead to increased bids in subsequent rounds. Our results have implications for researchers conducting experimental auctions. Copyright 2006, Oxford University Press. (This abstract was borrowed from another version of this item.)

91 citations

Journal ArticleDOI
TL;DR: Simulation results verify that the proposed optimal bidding model of EVA aims to minimize the conditional expectation of electricity purchase cost in two markets considering price volatility, and can help market players comprehend the variants of bid price, expected cost and probability of successful bidding.
Abstract: An electric vehicle aggregator (EVA) that manages geographically dispersed electric vehicles offers an opportunity for the demand side to participate in electricity markets. This paper proposes an optimization model to determine the day-ahead inflexible bidding and real-time flexible bidding under market uncertainties. Based on the relationship between market price and bid price, the proposed optimal bidding model of EVA aims to minimize the conditional expectation of electricity purchase cost in two markets considering price volatility. Moreover, the penalty cost of the deviation between the bidding quantities is included to avoid large power variation and arbitrage. The conditional expectation optimization model is formulated as an expectation minimization problem with the conditional value-at-risk constraints. Based on the price data in the PJM market, simulation results verify that our model is a decision-making tool in electricity markets, which can help market players comprehend the variants of bid price, expected cost and probability of successful bidding.

91 citations

Journal ArticleDOI
TL;DR: Results show that the proposed approach allows the aggregator to reduce the charging costs in comparison with other charging strategies, and the solution obtained is robust in the sense that driving requirements of electric vehicle users are met.

91 citations

Journal ArticleDOI
TL;DR: In this paper, a dynamic market in steady state in which prices are determined in first-price auctions is considered, and the authors investigate how different properties of the model determine the relative importance of these two aspects of the competition and how the non-market clearing price result of the matching and bargaining models is affected by the different properties.
Abstract: The model features a dynamic market in steady state in which prices are determined in first-price auctions. It combines competition over time familiar from the pairwise meeting models with instantaneous bidding competition. It inquires how different properties of the model determine the relative importance of these two aspects of the competition and, in particular, how the non-market-clearing price result of the matching and bargaining models is affected by the

91 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
20241
2023566
20221,134
2021637
2020708
2019830