The intermittent nature of the renewable energies increases the operation costs of conventional generators. As the share of energy supplied by renewable sources increases, these costs also increase. In this paper, we quantify these costs by developing a market clearing price of energy in the presence of renewable energy and congestion constraints. We consider an electricity market where generat...

deregulation policy has caused some changes in the concepts of power systems reliability assessment and enhancement. in this paper, generation reliability is considered, and a method for its assessment using intelligent systems is proposed. also, because of power market and generators’ forced outages stochastic behavior, monte carlo simulation is used for reliability evaluation. generation r...

introduction: market power is an important factor affecting welfare. existence of market power on the purchase side reduces supplier welfare. however, existence of market power on the sales side reduces supplier welfare. some believe that the agricultural market structure is a monopoly. in fact, most of the agricultural products can be purchased by small firms and then delivered to consumers be...

This dissertation studies the market microstructure of over-the-counter markets. All three chapters are based on the municipal (tax-exempt) bond market. However, the implications on price formation, price discovery and dealer’s market power can be generalized into the other OTC markets such as corporate bond and derivatives markets as well. In the first chapter “Price Clustering and Dealer’s Ma...

Electricity price predictions have become a major discussion on competitive market under deregulated power system. But, the exclusive characteristics of electricity price such as non-linearity, non-stationary and time-varying volatility structure present several challenges for this task. In this paper, a new forecast strategy based on the iterative neural network is proposed for Day-ahead price...

Mainstream economic theory outlines four main causes of market failure and it is already well established that two of these (information failure and externalities) exist in a tobacco market. A third cause of market failure, market power, is also a serious problem in many tobacco markets. Market power--combined with unintended and often overlooked consequences of tobacco tax policies, notably th...