Dynamic Model for Power Bidding and Its Chaos Control in Oligopoly Market

In this article, with adaptive and bounded rational dynamics, the dynamic bidding system models, including the cases of two and three power producers, are presented, respectively, based on Cournot game. The stability of Nash equilibriums are analyzed analytically, after which the stable regions, bifurcations, and chaotic stranger attractors are displayed by numerical simulations. In addition, chaos control of dynamic bidding systems are analyzed with state delayed feedback control method, and numerical simulations indicate that Nash equilibrium of oligopoly bidding dynamics is maintainable if suitable control variables and parameters are chosen.