An Agent-Based Computational Laboratory for Wholesale Power Market Design

Junjie Sun and Leigh Tesfatsion ()

ISU General Staff 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. 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. Findings for a dynamic 5-node transmission grid test case are presented for concrete illustration.

Date: 2007-01-01
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Working Paper: An Agent-Based Computational Laboratory for Wholesale Power Market Design (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:isu:genstf:200701010800001036

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