Efficiency-risk tradeoffs in dynamic oligopoly markets - with application to electricity markets

@article{Huang2012EfficiencyriskTI,
  title={Efficiency-risk tradeoffs in dynamic oligopoly markets - with application to electricity markets},
  author={Qingqing Huang and Mardavij Roozbehani and Munther A. Dahleh},
  journal={2012 IEEE 51st IEEE Conference on Decision and Control (CDC)},
  year={2012},
  pages={2388-2394}
}
In this paper, we examine in an abstract framework, how a tradeoff between efficiency and risk arises in different dynamic oligopolistic market architectures. We consider a market in which there is a monopolistic resource provider and agents that enter and exit the market following a random process. Self-interested and fully rational agents dynamically update their resource consumption decisions over a finite time horizon, under the constraint that the total resource consumption requirements… CONTINUE READING
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