Game Theory: Multi-objective Optimization

The economic load and emission dispatch (ELED) of thermal power generation is a multi-objective mathematical optimization problem consisting of two objective functions. The first objective is to minimize of cost of fuel of generators of a power system while another objective is to minimize emission cost. Both objectives functions are subjected to constraints such as power balance transmission loss generation limits constraints. In this paper integrate strategic game theory based optimal response program into ELED problem. The game theory based response program evaluates optimal values of incentive for load and emission dispatch. The ELED and game theoretical algorithm presented through this work minimizes fuel cost and emission cost. It simultaneously determines optimal incentive values results for maximum relief on the power system. The developed program is tested on IEEE 30 bus system and obtained results are compared with Lagrange''s optimization algorithm (Iterative Method) indicates practical benefits of the proposed algorithm.