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The Game Model of Power Price Regulation and Its Analysis

Author: YangXianJu
Tutor: LaiMingYong
School: Hunan University
Course: International Trade
Keywords: Stackelberg game differential game Hamilton-Jacobi-Bellman Government regulation Power Enterprise
CLC: F224.32
Type: Master's thesis
Year: 2009
Downloads: 81
Quote: 1
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Abstract


The power industry is a strong natural monopoly industries, many Governments have been strict in its regulation.Until 1980’s, many western countries begun to relax the regulation of the natural monopoly industry.In recent years, China begun to make reforms of power industry, at the same time, the regulation of the power industry is also changing.State-monopoly existed during planned economy period;now,we will turn to government modern-regulatory under the market-orient environment.In the theoretical research and application of price regulation,there are two typical models, namely, return-on-investment model and price-cap model. Return-on -investment model is conducive to encourage enterprises to invest, but there are significant flaws.Price-cap model can strongly encourage enterprises to reduce cost, however, it is difficult to make reasonable price cap.Based on the idea of power-price regulation, introducing the thought of game theory,we analysis the strategic choice, strategic space and trategic payment of both government and power grid enterprises in this article,and then establish the static stackelberg game model between power grids and the government. This model has the characteristics of 1eader-follower relationship,which can be described by bi-level programing.According to the method for bi-level programming, we choose the K-T conditions and iteration method for solving the model,and do some analysis.In addition, we introduce some other actors to the static game model stackelberg ,such as time-variable and the differential equations of power-sales-price. After analysising the strategic choice and the payment function of both government and power grid enterprises, we establish dynamic stackelberg game model.By using reverse-induction method and Hamilton-Jacobi-Bellman method, we get the dynamics optimal strategy of government and the power grid enterprises.Then we do some alalysis of numerical simulation, the numerical simulation shows:with the development of market-oriented reform, electricity price、the power supply of Power Enterprise and the transfer payments of the government are convergent in a certain value.Finally,we make some policy-recommendations based on our model and related results.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods > Operations Research in the economy > Game Theory
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