An Agent-Based Test Bed Study of Wholesale Power Market Performance MeasuresAbhishek Somani and Leigh Tesfatsion () Staff General Research Papers from Iowa State University, Department of Economics Abstract: Wholesale power markets operating over transmission grids subject to congestion have distinctive features that complicate the detection of market power and operational inefficiency. This study uses the AMES wholesale power market test bed with strategically learning traders to experimentally test the extent to which market performance measures commonly used for other industries are informative for the dynamic operation of restructured wholesale power markets. Examined measures include the Herfindahl-Hirschman Index (HHI), the Lerner Index (LI), the Residual Supply Index (RSI), the Relative Market Advantage Index (RMAI), and the Operational Efficiency Index (OEI). Related work can be accessed at: http://www.econ.iastate.edu/tesfatsi/AMESMarketHome.htm Keywords: Wholesale power markets; Performance measures; Agent-based test bed; Herfindahl-Hirschman Index (HHI); Lerner Index; Residual Supply Index; Relative Market Advantage Index; Operational Efficiency Index (search for similar items in EconPapers) Published in IEEE Computational Intelligence Magazine, November 2008, Vol. 3, No. 4, pp. 56-72. There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: http://EconPapers.repec.org/RePEc:isu:genres:12977 Access Statistics for this paper More papers in Staff General Research Papers from Iowa State University, Department of Economics |
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