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Market Power

In: Economics of Power Systems

Author

Listed:
  • Makoto Tanaka

    (National Graduate Institute for Policy Studies (GRIPS))

  • Antonio J. Conejo

    (The Ohio State University)

  • Afzal S. Siddiqui

    (Stockholm University
    Aalto University)

Abstract

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.

Suggested Citation

  • Makoto Tanaka & Antonio J. Conejo & Afzal S. Siddiqui, 2022. "Market Power," International Series in Operations Research & Management Science, in: Economics of Power Systems, chapter 0, pages 155-195, Springer.
    • Handle: RePEc:spr:isochp:978-3-030-92871-1_5
    DOI: 10.1007/978-3-030-92871-1_5
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