Introduction and Motivation

Steven A. Gabriel, Antonio J. Conejo, J. David Fuller, Benjamin F. Hobbs and Carlos Ruiz
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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 1 in Complementarity Modeling in Energy Markets, 2013, pp 1-29 from Springer

Abstract: Abstract This chapter provides motivation for studying mixed complementarity problems in energy. This class of problems has proven to be especially important in modeling the various liberalized/liberalizing energy markets around the world given its flexibility and ability to directly manipulate both primal (physical) variables as well as dual (price) variables. In this chapter, we introduce complementarity problems and generalizations such as mathematical programs with equilibrium constraints through easy-to-understand and in some cases, well-known energy examples. We will show that one optimization problem, several ones, or optimization problems and nonlinear equations combined are all examples of complementarity problems or extensions, allowing for very general formulations. Upon finishing this chapter, it is anticipated that the reader will have a clearer picture of the modeling advantages of complementarity problems vis-à-vis optimization and other standard models. This chapter is organized as follows: Section 1.2 provides a motivation and description of complementarity models with a number of illustrative examples; Section 1.3 then summarizes the chapter and Section 1.4 provides a computational appendix.

Keywords: Variational Inequality; Complementarity Problem; Energy Market; Equilibrium Constraint; Mathematical Program With Equilibrium Constraint (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isochp:978-1-4419-6123-5_1

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DOI: 10.1007/978-1-4419-6123-5_1

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