Miroslav Pistek We consider a model of a pay-as-bid electricity market based on a multi-leader-common-follower approach where the producers as leaders are at the upper level and the regulator as a common follower is at the lower level. We fully characterise Nash equilibria for this model by describing necessary and sufficient conditions for their existence as well … Read more
We consider a multi-leader-common-follower model of a pay-as-bid electricity market in which the producers provide the regulator with either linear or quadratic bids. We prove that for a given producer only linear bids can maximise his profit. Such linear bids are referred as the “best response” of the given producer. They are obtained assuming the … Read more
This paper considers computation of Fr\’echet and limiting normal cones to a finite union of polyhedra. To this aim, we introduce a new concept of normally admissible stratification which is convenient for calculations of such cones and provide its basic properties. We further derive formulas for the above mentioned cones and compare our approach to … Read more