International Journal of Man-Machine Studies
Growing artificial societies: social science from the bottom up
Growing artificial societies: social science from the bottom up
Fuzzy Cognitive Maps and Neutrosophic Cognitive Maps
Fuzzy Cognitive Maps and Neutrosophic Cognitive Maps
Market-Based Resource Allocation for Content Delivery in the Internet
IEEE Transactions on Computers
Conjectural Variation-Based Bidding Strategies with Q-Learning in Electricity Markets
HICSS '09 Proceedings of the 42nd Hawaii International Conference on System Sciences
Expert Systems with Applications: An International Journal
Study on Generation Companies' Bidding Strategy Based on Hybrid Intelligent Method
HIS '09 Proceedings of the 2009 Ninth International Conference on Hybrid Intelligent Systems - Volume 03
Expert Systems with Applications: An International Journal
Towards Hebbian learning of Fuzzy Cognitive Maps in pattern classification problems
Expert Systems with Applications: An International Journal
RuleML representation and simulation of Fuzzy Cognitive Maps
Expert Systems with Applications: An International Journal
Intelligent power management in micro grids with EV penetration
Expert Systems with Applications: An International Journal
Hi-index | 12.06 |
Simulation can be used in a wide range of applications in an electricity market. There are many reasons that market players and regulators are very interested in anticipating the behavior of the market. Behavior of a generation company (GENCO) in electricity market is an important factor that affects the market behavior. Several factors affect the behavior of a GENCO directly and indirectly. In this study, a new approach based on fuzzy cognitive map (FCM) is introduced to model and simulate GENCO's behavior in the electricity market with respect to profit maximization. FCM helps the decision makers to understand the complex dynamics between a certain strategic goal and the related factors. This paper examines how effective factors affect on a GENCO's profit. To identify key factors relevant to the goal, a FCM is built and then analyzed. To analyze this problem, two cases as simple FCM and weighted FCM are considered. Simple FCM shows how the determined factors affect on goal. A hidden pattern is obtained by this case. Weighted FCM helps sensitivity analysis of the model. In addition, the weighted FCM is used usefully to clearly measure the composite effects resulting from changes of multiple factors. This application is shown by two different case studies. This is the first study that models and simulates the behavior of GENCO in electricity market with respect to profit maximization.