An Agent-Based Test Bed Study of Wholesale Power Market Performance Measures

Abhishek Somani and Leigh Tesfatsion ()

Staff General Research Papers Archive 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://www2.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)
JEL-codes: C6 D4 D6 L1 L3 L94 Q4 (search for similar items in EconPapers)
Date: 2008-08-19
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Citations: View citations in EconPapers (14)

Published in IEEE Computational Intelligence Magazine, November 2008, vol. 3 no. 4, pp. 56-72

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Working Paper: An Agent-Based Test Bed Study of Wholesale Power Market Performance Measures (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:isu:genres:12977

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