Equilibrium Problems with Equilibrium Constraints

Steven A. Gabriel, Antonio J. Conejo, J. David Fuller, Benjamin F. Hobbs and Carlos Ruiz
Additional contact information
Steven A. Gabriel: University of Maryland
Antonio J. Conejo: University of Castilla – La Mancha
J. David Fuller: University of Waterloo
Benjamin F. Hobbs: The Johns Hopkins University
Carlos Ruiz: European Foundation for New Energy – EDF École Centrale Paris and Supélec

Chapter Chapter 7 in Complementarity Modeling in Energy Markets, 2013, pp 263-321 from Springer

Abstract: Abstract The previous chapter presented mathematical programs for solving leaderfollower (Stackelberg) games when a single leader correctly anticipates the equilibrium reaction of followers, who in turn naively believe that the leader’s decisions are exogenous and fixed. This chapter introduces a type of mathematical program that is useful for modeling such games when there is more than one leader, and one wants to find an equilibrium among them: Equilibrium Problems with Equilibrium Constraints (EPECs). First, we present a general EPEC formulation (Section 7.2) and the basic diagonalization approach to solving EPECs, including a simple example. We then summarize some of their many applications to energy markets (Section 7.3), including the three examples of energy market EPECs that we feature in this chapter.

Keywords: Equilibrium Problem; Complementarity Problem; Pure Strategy; Consumer Surplus; Demand Curve (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/978-1-4419-6123-5_7

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