Bilateral Negotiation of Natural Gas Price Based on Bayesian Learning Model
Jingjing Zhang, Yahong Cao · 2012
Depending on the characteristic of bilateral negotiations on the price of natural gas between sup- plier and consumer, the Bayesian learning model was introduced to the negotiation game. By Bayesian learning, both sides can predict each other's offer more accurately and improve the effectiveness of the game. Calculation example proved that the Bayesian learning model can effectively improve the efficiency of nego- tiations.