Proceedings of the 2025 4th International Conference on Mathematical Statistics and Economic Analysis (MSEA 2025)

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Experimental Study on Bidding Risk Behavior in the Context of Both Power Medium-Long Term and Spot Market

Authors
Ziheng Duan1, Linhao Li2, Hong Yu1, Manli Yan1, Yong Zhao1, *
1Huazhong University of Science and Technology, School of Artificial Intelligence and Automation, Wuhan, 430074, China
2China Electric Power Research Institute, Beijing, 100192, China
*Corresponding author. Email: zhiwei985530@hust.edu.cn
Corresponding Author
Yong Zhao
Available Online 20 February 2026.
DOI
10.2991/978-94-6463-992-6_23How to use a DOI?
Keywords
Risk Preference; Behavior Experiment; Medium-Long Term Market; Spot Market
Abstract

China is currently establishing and refining its electricity market system, primarily centered on medium-long term markets and spot markets. However, due to the complex coupling of various market factors, traditional mathematical models struggle to accurately describe, predict, and analyze the bidding strategies and risk preferences of market participants. To address this gap, this study adopts a behavioral experimental approach, incorporating for the interaction between medium-long term markets and spot markets, to investigate the risk preferences of sellers and buyers in these markets. Additionally, it incorporates information disclosure policies to analyze how the spot market influences the medium-long term risk trading decisions of both parties. Our experiment findings reveal that both sellers and buyers exhibit a relative preference for risk in the medium-long term market. Moreover, prior disclosure of uncertain demand information can induce sellers to exhibit greater risk-taking behavior in the spot market. These insights can inform the design of incentive mechanisms, risk control measures, and information disclosure strategies in future electricity markets.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2025 4th International Conference on Mathematical Statistics and Economic Analysis (MSEA 2025)
Series
Advances in Economics, Business and Management Research
Publication Date
20 February 2026
ISBN
978-94-6463-992-6
ISSN
2352-5428
DOI
10.2991/978-94-6463-992-6_23How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Ziheng Duan
AU  - Linhao Li
AU  - Hong Yu
AU  - Manli Yan
AU  - Yong Zhao
PY  - 2026
DA  - 2026/02/20
TI  - Experimental Study on Bidding Risk Behavior in the Context of Both Power Medium-Long Term and Spot Market
BT  - Proceedings of the 2025 4th International Conference on Mathematical Statistics and Economic Analysis (MSEA 2025)
PB  - Atlantis Press
SP  - 230
EP  - 238
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-992-6_23
DO  - 10.2991/978-94-6463-992-6_23
ID  - Duan2026
ER  -