An Agent-Based Computational Laboratory for Wholesale Power Market Design

Junjie Sun and Leigh Tesfatsion ()

Staff General Research Papers from Iowa State University, Department of Economics

Abstract: 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

Keywords: Restructured electricity markets; Market design; Learning Traders; Transmission grid congestion; Market power; Agent-based computational economics (search for similar items in EconPapers)
JEL-codes: C0 C6 D4 D43 L1 L13 L5 Q4 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe, nep-cmp and nep-ene
Date: 2007-03-31
View list of references

Downloads: (external link)
http://www.econ.iastate.edu/tesfatsi/DynTest.IEEEPES2007.JSLT.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:isu:genres:12776

Access Statistics for this paper

More papers in Staff General Research Papers from Iowa State University, Department of Economics
Address: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Contact information at EDIRC.
Series data maintained by Stephanie Bridges ().