English, Article, Journal or magazine article edition: An Agent-Based Computational Laboratory for Wholesale Power Market Design Sun, Junjie; Tesfatsion, Leigh S.

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Bookmark: http://trove.nla.gov.au/version/128447
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • An Agent-Based Computational Laboratory for Wholesale Power Market Design
Author
  • Sun, Junjie
  • Tesfatsion, Leigh S.
Physical Description
  • preprint
Notes
  • This study reports on the model development and open-source implementation (in Java) of an agent-based computational wholesale power market organized in accordance with core FERC-recommended design features and operating over a realistically rendered transmission grid subject to congestion effects. The traders within this market model are strategic profit-seeking agents whose learning behaviors are based on data from human-subject experiments. Our key experimental focus is the complex interplay among structural conditions, market protocols, and learning behaviors in relation to short-term and longer-term market performance. Market power findings for a dynamic 5-node transmission grid test case are presented for concrete illustration. Related work can be accessed at: http:/​/​www.econ.iastate.edu/​tesfatsi/​AMESMarketHome.htm
  • Restructured electricity markets, Market design, Learning Traders, Transmission grid congestion, Market power, Agent-based computational economics
  • RePEc:isu:genres:12776
Language
  • English
Contributed by
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