A critical survey of agent-based wholesale electricity market models
AbstractThe complexity of electricity markets calls for rich and flexible modeling techniques that help to understand market dynamics and to derive advice for the design of appropriate regulatory frameworks. Agent-Based Computational Economics (ACE) is a fairly young research paradigm that offers methods for realistic electricity market modeling. A growing number of researchers have developed agent-based models for simulating electricity markets. The diversity of approaches makes it difficult to overview the field of ACE electricity research; this literature survey should guide the way through and describe the state-of-the-art of this research area. In a conclusive summary, shortcomings of existing approaches and open issues that should be addressed by ACE electricity researchers are critically discussed.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Energy Economics.
Volume (Year): 30 (2008)
Issue (Month): 4 (July)
Contact details of provider:
Web page: http://www.elsevier.com/locate/eneco
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Sun, Junjie & Tesfatsion, Leigh S., 2006.
"Dynamic Testing of Wholesale Power Market Designs: An Open-Source Agent-Based Framework,"
Staff General Research Papers
12649, Iowa State University, Department of Economics.
- Junjie Sun & Leigh Tesfatsion, 2007. "Dynamic Testing of Wholesale Power Market Designs: An Open-Source Agent-Based Framework," Computational Economics, Society for Computational Economics, vol. 30(3), pages 291-327, October.
- G. Fagiolo & C. Birchenhall & P. Windrum, 2007. "Empirical Validation in Agent-based Models: Introduction to the Special Issue," Computational Economics, Society for Computational Economics, vol. 30(3), pages 189-194, October.
- Muller, Moritz & Sensfu[ss], Frank & Wietschel, Martin, 2007. "Simulation of current pricing-tendencies in the German electricity market for private consumption," Energy Policy, Elsevier, vol. 35(8), pages 4283-4294, August.
- Paul Windrum & Giorgio Fagiolo & Alessio Moneta, 2007. "Empirical Validation of Agent-Based Models: Alternatives and Prospects," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 10(2), pages 8.
- Roberto Leombruni & Matteo Richiardi & Nicole J. Saam & Michele Sonnessa, 2005.
"A Common Protocol for Agent-Based Social Simulation,"
LABORatorio R. Revelli Working Papers Series
47, LABORatorio R. Revelli, Centre for Employment Studies.
- Matteo Richiardi & Roberto Leombruni & Nicole J. Saam & Michele Sonnessa, 2006. "A Common Protocol for Agent-Based Social Simulation," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 9(1), pages 15.
- Day, Christopher J & Bunn, Derek W, 2001. "Divestiture of Generation Assets in the Electricity Pool of England and Wales: A Computational Approach to Analyzing Market Power," Journal of Regulatory Economics, Springer, vol. 19(2), pages 123-41, March.
- Augusto Rupérez Micola & Albert Banal Estañol & Derek W. Bunn, 2006.
"Incentives and Coordination in Vertically Related Energy Markets,"
CIG Working Papers
SP II 2006-02, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
- Micola, Augusto Rupérez & Banal-Estañol, Albert & Bunn, Derek W., 2008. "Incentives and coordination in vertically related energy markets," Journal of Economic Behavior & Organization, Elsevier, vol. 67(2), pages 381-393, August.
- Koesrindartoto, Deddy P., 2002. "Discrete Double Auctions with Artificial Adaptive Agents: A Case Study of an Electricity Market Using a Double Auction Simulator," Staff General Research Papers 10017, Iowa State University, Department of Economics.
- Nicolaisen, James & Petrov, Valentin & Tesfatsion, Leigh S., 2000.
"Market Power and Efficiency in a Computational Electricity Market with Discriminatory Double-Auction Pricing,"
Staff General Research Papers
1952, Iowa State University, Department of Economics.
- Nicolaisen, James & Petrov, Valentin & Tesfatsion, Leigh S., 2001. "Market Power and Efficiency in a Computational Electricity Market with Discriminatory Double-Auction Pricing," Staff General Research Papers 2050, Iowa State University, Department of Economics.
- James Nicolaisen & Valentin Petrov & Leigh Tesfatsion, 2000. "Market Power and Efficiency in a Computational Electricity Market with Discriminatory Double-Auction Pricing," Computational Economics 0004005, EconWPA.
- John Bower & Derek W. Bunn, 2000. "Model-Based Comparisons of Pool and Bilateral Markets for Electricity," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 1-29.
- Robert Marks, 2007. "Validating Simulation Models: A General Framework and Four Applied Examples," Computational Economics, Society for Computational Economics, vol. 30(3), pages 265-290, October.
- Rothkopf, Michael H., 1999. "Daily Repetition: A Neglected Factor in the Analysis of Electricity Auctions," The Electricity Journal, Elsevier, vol. 12(3), pages 60-70, April.
- Sun, Junjie & Tesfatsion, Leigh, 2006. "DC Optimal Power Flow Formulation and Solution Using QuadProgJ," Staff General Research Papers 12558, Iowa State University, Department of Economics.
- Holland, John H & Miller, John H, 1991. "Artificial Adaptive Agents in Economic Theory," American Economic Review, American Economic Association, vol. 81(2), pages 365-71, May.
- Tesfatsion, Leigh S., 2002. "Agent-Based Computational Economics: Growing Economies from the Bottom Up," Staff General Research Papers 5075, Iowa State University, Department of Economics.
- Silvano Cincotti & Eric Guerci, 2005. "Agent-based simulation of power exchange with heterogeneous production companies," Computing in Economics and Finance 2005 334, Society for Computational Economics.
- Jasmina Arifovic & John Ledyard, 2004. "Scaling Up Learning Models in Public Good Games," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 6(2), pages 203-238, 05.
- Bower, John & Bunn, Derek, 2001. "Experimental analysis of the efficiency of uniform-price versus discriminatory auctions in the England and Wales electricity market," Journal of Economic Dynamics and Control, Elsevier, vol. 25(3-4), pages 561-592, March.
- Klemperer, Paul D & Meyer, Margaret A, 1989. "Supply Function Equilibria in Oligopoly under Uncertainty," Econometrica, Econometric Society, vol. 57(6), pages 1243-77, November.
- Tony Curson Price, 1997. "Using co-evolutionary programming to simulate strategic behaviour in markets," Levine's Working Paper Archive 588, David K. Levine.
- Tony Curzon Price, 1997. "Using co-evolutionary programming to simulate strategic behaviour in markets," Journal of Evolutionary Economics, Springer, vol. 7(3), pages 219-254.
- Midgley, David & Marks, Robert & Kunchamwar, Dinesh, 2007. "Building and assurance of agent-based models: An example and challenge to the field," Journal of Business Research, Elsevier, vol. 60(8), pages 884-893, August.
- Koesrindartoto, Deddy P. & Tesfatsion, Leigh, 2004. "Testing the Reliability of FERC's Wholesale Power Market Platform: An Agent-Based Computational Economics Approach," Staff General Research Papers 12326, Iowa State University, Department of Economics.
- Matteo Richiardi, 2003.
"The Promises and Perils of Agent-Based Computational Economics,"
LABORatorio R. Revelli Working Papers Series
29, LABORatorio R. Revelli, Centre for Employment Studies.
- Matteo Richiardi, 2004. "The Promises and Perils of Agent-Based Computational Economics," Computational Economics 0401001, EconWPA.
- Bower, John & Bunn, Derek W. & Wattendrup, Claus, 2001. "A model-based analysis of strategic consolidation in the German electricity industry," Energy Policy, Elsevier, vol. 29(12), pages 987-1005, October.
- Joshua M. Epstein & Robert L. Axtell, 1996. "Growing Artificial Societies: Social Science from the Bottom Up," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262550253.
- Albert Banal-Estañol & Augusto Rupérez-Micola, 2010.
"Are agent-based simulations robust? The wholesale electricity trading case,"
Economics Working Papers
1214, Department of Economics and Business, Universitat Pompeu Fabra.
- Albert Banal-Estañol & Augusto Rupérez-Micola, 2010. "Are Agent-based Simulations Robust? The Wholesale Electricity Trading Case," Working Papers 443, Barcelona Graduate School of Economics.
- Safarzynska, Karolina & van den Bergh, Jeroen C.J.M., 2011. "Industry evolution, rational agents and the transition to sustainable electricity production," Energy Policy, Elsevier, vol. 39(10), pages 6440-6452, October.
- Azadeh, A. & Skandari, M.R. & Maleki-Shoja, B., 2010. "An integrated ant colony optimization approach to compare strategies of clearing market in electricity markets: Agent-based simulation," Energy Policy, Elsevier, vol. 38(10), pages 6307-6319, October.
- Schlueter, Stephan, 2010. "A long-term/short-term model for daily electricity prices with dynamic volatility," Energy Economics, Elsevier, vol. 32(5), pages 1074-1081, September.
- Anke Weidlich & Daniel Veit, 2008. "Agent-Based Simulations for Electricity Market Regulation Advice: Procedures and an Example," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 228(2+3), pages 149-172, June.
- Banal-Estañol, Albert & Rupérez Micola, Augusto, 2011. "Behavioural simulations in spot electricity markets," European Journal of Operational Research, Elsevier, vol. 214(1), pages 147-159, October.
- Rosen, Christiane & Madlener, Reinhard, 2012. "Auction Design for Local Reserve Energy Markets," FCN Working Papers 7/2012, E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN).
- Bunn, Derek W. & Martoccia, Maria & Ochoa, Patricia & Kim, Haein & Ahn, Nam-Sung & Yoon, Yong-Beom, 2010. "Vertical integration and market power: A model-based analysis of restructuring in the Korean electricity market," Energy Policy, Elsevier, vol. 38(7), pages 3710-3716, July.
- Veit, Daniel J. & Weidlich, Anke & Krafft, Jacob A., 2009. "An agent-based analysis of the German electricity market with transmission capacity constraints," Energy Policy, Elsevier, vol. 37(10), pages 4132-4144, October.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wendy Shamier).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.