This chapter considers market power observed in electric power markets. It describes a monopoly, a monopsony, and an oligopoly. We focus on a Cournot oligopoly model with simultaneous decision makers and a Stackelberg oligopoly model with sequential decision makers. An extended framework of a leader-follower oligopoly model is presented with multiple leaders including both producers and consumers who submit offer/bid prices strategically.
CITATION STYLE
Tanaka, M., Conejo, A. J., & Siddiqui, A. S. (2022). Market Power. In International Series in Operations Research and Management Science (Vol. 327, pp. 155–195). Springer. https://doi.org/10.1007/978-3-030-92871-1_5
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