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Evaluating Government’s Policies on Promoting Smart Metering in Retail Electricity Markets via Agent Based Simulation

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Author Info
Zhang, T.
Nuttall, W.J.
Abstract

In this paper, we develop an agent-based model of a market game in order to evaluate the effectiveness of the UK government’s 2008-2010 policy on promoting smart metering. We also consider possible supplementary strategies. With the model, we test the effectiveness of four possible strategy options and suggest their policy implications. The context of the paper is a practical application of agent-based simulation to the retail electricity market in Britain. The contribution of the research are both in the areas of policy making for electricity markets and in the methodological use of agent-based simulation for studying social complex systems involving human behaviour.

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File URL: http://www.eprg.group.cam.ac.uk/category/publications/
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Publisher Info
Paper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 0842.

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Date of creation: Aug 2008
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Handle: RePEc:cam:camdae:0842

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Web page: http://www.econ.cam.ac.uk/index.htm

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Related research
Keywords: agent-based simulation; smart metering technology; the Theory of Planned Behaviour; retail electricity market;

Find related papers by JEL classification:
C63 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computational Techniques
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy-Making and Implementation
O33 - Economic Development, Technological Change, and Growth - - Technological Change - - - Technological Change: Choices and Consequences; Diffusion Processes

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  1. Bronwyn Hall & Beethika Khan, 2003. "Adoption of New Technology," Department of Economics, Working Paper Series 1055, Department of Economics, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
    Other versions:
  2. Zhang, Tao & Zhang, David, 2007. "Agent-based simulation of consumer purchase decision-making and the decoy effect," Journal of Business Research, Elsevier, vol. 60(8), pages 912-922, August. [Downloadable!] (restricted)
  3. Stoneman, Paul, 2001. "Financial Factors and the Inter Firm Diffusion of New Technology: A Real Options Model," EIFC - Technology and Finance Working Papers 8, United Nations University, Institute for New Technologies. [Downloadable!]
  4. Nigel Gilbert & Pietro Terna, 2000. "How to build and use agent-based models in social science," Mind and Society: Cognitive Studies in Economics and Social Sciences, Fondazione Rosselli, vol. 1(1), pages 57-72, March. [Downloadable!] (restricted)
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