Primary concerns for traders since the deregulation of electricity markets include both the selection of optimal trading limits and risk quantification. These concerns have come about as a consequence of the unique stylized attributes of electricity spot prices, such as the clustering of extremes, heavy tails and common spikes. We propose self-exciting marked point process models, which can be ...

A group of energy resources (including energy storage units) physically distributed in the network which are placed under a unified and integrated management with a central control system is called a Virtual Power Plant (VPP). The bidding strategy of a VPP, as a participant in energy and reserve markets, has significant role in maximizing its profit. This paper proposes a new mathematical appro...

Purpose This study aims to apply a new forecasting approach to improve predictions in the hospitality industry. In order to do so we develop a multivariate setting that allows incorporating the cross-correlations in the evolution of tourist arrivals from visitor markets to a specific destination in Neural Network models. Design/methodology/approach This multiple-input multiple-output approach a...

It is well documented in the literature that inadequacy of the analytical models has been a primary reason for the low economic stability of deregulated power industry. Some of the modeling inadequacies can be attributed to the difficulties of analyzing nonzero sum multiplayer stochastic games that are inherent in deregulated power market operations. This paper presents a two-tier game theoreti...

The dynamics of hourly electricity prices in day-ahead markets is an important element of competitive power markets that were only established in the last decade. In electricity markets, the market microstructure does not allow for continuous trading, since operators require advance notice in order to verify that the schedule is feasible and lies within transmission constraints. Instead agents ...

A large and growing literature has demonstrated in recent years how deep and efficient financial markets help to foster economic growth, by promoting investment and productivity growth (e.g., Rajan and Zingales, 1998). Through their role in selecting and monitoring projects, diversifying risks, and allowing investment and production to be carried out in the most productive scale and time frame,...

Post-cold war developments and accelerated pace of globalization among many changes led to the creation of so called emerging markets. These classical national economies represent few among large number of developing world countries, which are distinguished by their exceptionally strong promise of rapid and long-term stable growth of gross domestic product. Either we assess it on nominal or pur...

Abstract— We 1 address the extension of spatiotemporal marginal-cost-based Wholesale Transmission markets to Retail Distribution markets. Key challenges include (i) a broader range of significant cost components and requirements such as real and reactive power marginal losses, transformer life degradation, and voltage control, (ii) higher order of magnitude of retail market participants, some w...

The energy system decarbonization leads to a decentralization of generation and flexibility. Among the new concepts integrate distributed flexibility are local markets. While broad range research investigates markets on distribution grid level in detail, their impact has been limited. Therefore, we develop framework investigate different configurations as well operation resources interaction wi...

In this paper we develop a framework for the ownership structures of electronic markets and contrast different alternatives by using a case study in the automotive industry. Focus is General Motors’ decision to join the industry electronic market place Covisint and Volkswagen’s decision to build an individual solution. Building on multiple theories from inter-organizational relationship formati...