Game Theory Approaches for the Solution of Power System Problems: A Comprehensive Review

Deregulation and competition appearance in electric power systems and fundamental changes in control and operation structures of such systems require a strong tool for handling such issues. Game theory approach, which is defined as an analytical concept for dealing with the decision-making process in a variety of sciences, is vastly employed in power system problems. This paper provides a comprehensive review of the application of game theory approach to the solution of electric power system problems. The basic foundation of game theory approach and the basic concepts of such concept will be introduced to make the readers familiar with principals of game theory. Moreover, the introduction and a brief definition of main classifications of game theory including cooperative game, dynamic game, evolutionary game theory and strategic game will be studied. In addition, the implementation of different types of game theory approach to accomplish decision making process in power system problems will be reviewed. The main contributions of recent researches in the area of employment of game theory to power system problems are studied and discussed in details.

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