Time-delayed feedback chaos control of dynamic Cournot game of power market based on heterogeneous strategies

In order to effectively describe the dynamic behavior of power market, the dynamic model of power market considering the constraints of power network is established based on the two heterogeneous strategies, i.e. the Cournot game model with bounded rationality and the adaptive expectation model. The different dynamic behaviors of power market are analyzed, such as converging to the Nash equilibrium, period and chaos. With the accumulation profit as the economic evaluation index, the economic performances of dynamic behaviors are calculated and compared in the states of Nash equilibrium, period and chaos for a duopoly Cournot game. It is found that the optimal performance appears in the state of Nash equilibrium, and while in the state of chaos, the worst performance is appeared. In view of the chaotic behaviors of dynamic power market, the time-delayed feedback chaos control method is proposed. Finally, with the proposed control method, the chaotic state is controlled to the stable Nash equilibrium point or the periodic orbit so that the economic performance of dynamic power market is effectively improved.