The construction industry is inherently marked by high uncertainty levels driven by its complex processes. These relate to the bidding environment, resource availability, and complex project requirements. Accurate bid pricing under such uncertainty r...
The problem of setting prices for construction works is significant for both the investor and contractor companies. The periodically occurring instabilities in the economy require investment process participants to perform detailed market analyses an...
The purpose of this study is to classify the bid price volatility level with machine learning and parameters from bid documents as risk factors. To this end, we studied project-oriented risk factors affecting the bid price and pre-bid clarification d...
Modelling the energy price in the Australian National Electricity Market (NEM) requires features that are not well reflected in existing models. We present a semi-structural, multi-regional model wherein bidding is not required to be cost-based, rene...
The bidding price is one of the important factors for construction enterprises in winning a bid. In the context of public bidding in the construction industry, in the process of group competition, how to estimate the individual bids to calculate thei...
This paper first proposes a fractional prospect theory-based method for modeling the bidding strategy of a power retail company in the uniform pricing electricity market under price uncertainty. Different from the traditional methods which assume tha...
Virtual power plants (VPPs) enable the efficient participation of distributed renewable energy resources in electricity markets by aggregating them. However, the profitability of VPPs is challenged by market volatility and regulatory constraints, suc...
This paper compares the evolution of USA and European power markets and evaluates the suitability and future challenges of their designs in the context of the transition to a low-carbon power system. The analysis focuses on bidding formats (the way i...
Fog computing introduces a new dimension to the network edge by pooling diverse resources (e.g., processing power, memory, and bandwidth). However, allocating resources from heterogeneous fog nodes often faces limited capacity. To overcome these limi...
In this article renewable energy support allocation through different types of auctions are assessed. The applied methodological framework is auction theory, based on the rules governing the German photovoltaic (PV) Feed-in Premium (FIP) auctions. Th...
As a long term bidding behavior, bid shading is exhibited by wind farms participating in real Uniform Price (UP) markets. This signifies that the wind farm owners bid far below their true long run marginal cost. In this paper, a method is proposed to...
The paper presents a complete information model of bidding in second price sealed-bid and ascending-bid (English) auctions, in which potential buyers know the unit valuation of other bidders and may spitefully prefer that their rivals earn a lower su...
The deepening of electricity reform results in increasingly frequent auctions and the surge of generators, making it difficult to analyze generators’ behaviors. With the difficulties to find analytical market equilibriums, approximate equilibri...
This paper aims to develop an optimisation-based price bid generation mechanism for the sellers and buyers in a double-auction-aided peer-to-peer (P2P) energy trading market. With consumers being prosumers through the continuous adoption of distribut...
The definition of bidding zones is a relevant question for electricity markets. The bidding zones can be identified starting from information on the nodal prices and network topology, considering the operational conditions that may lead to congestion...
The use of a zonal structure for energy markets across the globe is expanding; however the debate on how to effectively partition the grid into bidding zones is still open for discussion. One of the factors that needs to be addressed in the process o...
This paper proposes the concept “active energy agent (AEA)” to characterize the autonomous and interactive entities of power system. The future distribution network is a peer-to-peer (P2P) community based on numbers of AEAs. A two-stage &...
With the continuous promotion of China’s electricity market reform, the introduction of competition in the power generation market provides a new research direction for the generation expansion planning (GEP) problem, which is of great signific...
Motivated by the growing demand for distributed energy resources (DERs), peer-to-peer (P2P) electricity markets have been explored worldwide. However, such P2P markets must be balanced in much smaller regions with a lot fewer participants than centra...
Successful privatization in other sectors leads to a restructuring in the power sector. The same practice has been adopted in the electrical industry with a deregulated electricity market (EM). This enables competition among generating companies (Gen...
We show that the recent results on the Fundamental Theorem of Asset Pricing and the super-hedging theorem in the context of model uncertainty can be extended to the case in which the options available for static hedging (hedging options) are quoted w...
Risk neutral measures are defined such that the basic random assets in a portfolio are martingales. Hence, when the market model is complete, valuation of other financial instruments is a relatively straightforward task when those basic random assets...
In this paper, a fast distributed algorithm is proposed for solving the winners and price determination problems in a uniform price auction in which each bidder bids for multiple units out of a lot of k identical items with a per-unit price. In a con...
Market power remains a persistent challenge in liberalized electricity spot markets, where generators can manipulate bids to distort prices and extract rents. Traditional monitoring approaches—such as structural indices or simulation-based mode...
The creation of a single competitive EU energy market is aimed at establishing a fair price in the integrated market space. However, electricity markets in European countries remain rather fragmented, and the marginal pricing method, which is the bas...
Real-time bidding has become a major means for online advertisement exchange. The goal of a real-time bidding strategy is to maximize the benefits for stakeholders, e.g., click-through rates or conversion rates. However, in practise, the optimal bidd...
Crowdshipping establishes a short-term connection between shippers and individual carriers, bridging the service requirements in last-mile logistics. From the perspective of a carrier operating multiple vehicles, this study considers the challenge of...
As the double carbon target continues to be promoted and the installed capacity of gas-fired power generation gradually expands, whether and when gas-fired power generation should enter the market is a major concern for the industry. This paper analy...
On the border of two phases of a building life cycle (LC), the programming phase (conception and design) and the execution phase, a contractor is selected. A particularly appropriate method of selecting a contractor for the construction market is the...
An important goal of China’s electric power system reform is to create a double-side day-ahead wholesale electricity market in the future, where the suppliers (represented by GenCOs) and demanders (represented by DisCOs) compete simultaneously with e...
The land price reflects the supply and demand relationship in the land market and plays an important role in regulating land use. Improving land auction rules is of great significance for avoiding abnormal fluctuations in the land market and promotin...
The study of the lead-lag relationship between the Hong Kong offshore Renminbi (CNH) spot market and onshore (CNY) spot market is of great importance for its wide application in market risk management. In this paper, we study the correlation between...
Accurate Day-Ahead Energy Price (DAEP) forecasting is essential for optimizing energy market operations. This study introduces a machine learning framework to predict the DAEP with a 24 h lead time, leveraging historical data and forecasts available...
Currently, modern power grids are evolving into complex cyber-physical systems integrated with distributed energy resources that can be controlled and monitored by computer-based algorithms. Given the increasing prevalence of artificial intelligence...
A virtual power plant is proposed to aggregate various distributed renewable resources with controllable resources to overcome the uncertainty and volatility of the renewables so as to improve market involvement. As the virtual power plant capacity b...
This study addresses the multi-item, multi-sourcing supplier-selection and order-allocation problem. We propose an iterative procurement combinatorial auction mechanism that aims to reveal the suppliers’ minimum acceptable selling prices and as...
Fluctuation and prediction errors of wind power would cause a large amount of automatic generation control (AGC) adjustment costs, which lead to the problem of power curtailment. A reasonable mechanism of grid-connection electricity price may encoura...
The smart grid is an unprecedented opportunity to shift the current energy industry into a new era of a modernized network where the power generation, transmission, and distribution are intelligently, responsively, and cooperatively managed through a...
Power suppliers in a dynamic power market can achieve full benefit by introducing a bidding strategy mechanism. In the power sector, renewable resources have significant gradual usage and their effect on the production of detailed bidding approaches...
Large-scale integration of renewable energy sources introduces high levels of uncertainty in power systems. In addressing the inherent uncertainty of renewables, coupling with energy storage systems allows for improved dispatchability, not only in te...
Electricity markets with a high share of variable renewable energy require significant balancing reserves to ensure stability by preserving the balance of supply and demand. However, they were originally conceived for dispatchable technologies, which...
The increasing renewable energy sources RES penetration in today’s energy islands and rural energy communities with weak grid connections is expected to incur severe distribution network stability problems (i.e., congestion, voltage issues). Ta...
We examine the soundness of high-frequency trading (HFT) proxies that are widely defined on the limit order book (LOB) information. We use a unique TRTH (Thomson Reuters Tick History) millisecond time-stamped intraday trades and quotes dataset enrich...
An argument for adjusting Black Scholes implied call deltas downwards for a gamma exposure in a left skewed market is presented. It is shown that when the objective for the hedge is the conservation of capital ignoring the gamma for the delta positio...
It is expected that large-scale producers of wind energy will become dominant players in the future electricity market. However, wind power output is irregular in nature and it is subjected to numerous fluctuations. Due to the effect on the productio...
The most important price for short-term electricity trading in Germany is the day-ahead auction price, which is provided by EPEX SPOT. Basically, short-term fluctuating electricity prices allow cost-optimized production planning by shifting electrici...
Short-term dynamics in auction-based Day-Ahead electricity markets remain insufficiently studied. This paper investigates two such aspects in the Irish Day-Ahead market. First, we address an empirical gap by examining the extent of speculator (financ...
Competition in electricity markets leads to volatile conditions which cause persistent price fluctuations over time. This study explores the problem of electricity pricing fluctuations in the DE-LU bidding zone from October 2018 to March 2022 by appl...
We consider auctions with price externality where all bidders derive utility from the winning price, such as charity auctions. In addition to the benefit to the winning bidder, all bidders obtain a benefit that is increasing in the winning price. The...
With a laboratory experiment, we study the impact of buy-options and the corresponding buy-price on revenues and bidding behavior in (online) proxy-auctions with independent private valuations. We show that temporary buy-options may reduce revenues f...
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