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An Agent-Based Computational Laboratory for Testing the Economic Reliability of Wholesale Power Market Designs

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Author Info
Koesrindartoto, Deddy
Sun, Junjie
Tesfatsion, Leigh S.

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Abstract

In April 2003 the U.S. Federal Energy Regulatory Commission (FERC) proposed the Wholesale Power Market Platform (WPMP) for common adoption by U.S. wholesale power markets. The WPMP is a complicated market design that has been adopted in some regions of the U.S. but resisted in others on the grounds that its reliability has not yet been sufficiently tested. This article reports on the development of an agent-based computational framework for exploring the economic reliability of the WPMP. The key issue under study is the extent to which the WPMP is capable of sustaining efficient, orderly, and fair market outcomes over time despite attempts by market participants to gain advantage through strategic pricing, capacity withholding, and/or induced transmission congestion. Related work can be accessed at: http://www.econ.iastate.edu/tesfatsi/AMESMarketHome.htm

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Publisher Info
Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 12388.

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Date of creation: 06 Jul 2005
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Handle: RePEc:isu:genres:12388

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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Related research
Keywords: Restructured wholesale power markets; FERC market design; Agent-based modeling;

Other versions of this item:

Find related papers by JEL classification:
B4 - Schools of Economic Thought and Methodology - - Economic Methodology
C0 - Mathematical and Quantitative Methods - - General
C6 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming
C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
L5 - Industrial Organization - - Regulation and Industrial Policy
Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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References listed on IDEAS
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.:
  1. Kalaba, R. & Tesfatsion, Leigh S., 2004. "Solving Nonlinear Equations By Adaptive Homotopy Continuation," Staff General Research Papers 11186, Iowa State University, Department of Economics.
  2. Tesfatsion, Leigh S., 2004. "Automatic Evaluation of Higher-Order Partial Derivatives for Nonlocal Sensitivity Analysis," Staff General Research Papers 11183, Iowa State University, Department of Economics.
  3. Severin Borenstein, 2002. "The Trouble with Electricity Markets: Understanding California's Restructuring Disaster," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 191-211, Winter. [Downloadable!] (restricted)
  4. Tesfatsion, Leigh S. & Judd, Kenneth L., 2003. "Handbook of Computational Economics, Vol. 2: Agent-Based Computational Economics," Staff General Research Papers 10368, Iowa State University, Department of Economics. [Downloadable!]
  5. Tesfatsion, Leigh, 2001. "Nonlocal Sensitivity Analysis with Automatic Differentiation," Staff General Research Papers 1990, Iowa State University, Department of Economics.
  6. Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics 0203001, EconWPA, revised 15 Aug 2002. [Downloadable!]
  7. Kalaba, R. & Tesfatsion, L., 1989. "Nonlocal Automated Sensitivity Analysis," Papers m8911, Southern California - Department of Economics.
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Cited by:
(explanations, 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.)

  1. Sun, Junjie & Tesfatsion, Leigh S., 2006. "DC Optimal Power Flow Formulation and Solution Using QuadProgJ," Staff General Research Papers 12558, Iowa State University, Department of Economics. [Downloadable!]
  2. Junjie Sun & Leigh Tesfatsion, 2007. "Dynamic Testing of Wholesale Power Market Designs: An Open-Source Agent-Based Framework," Computational Economics, Springer, vol. 30(3), pages 291-327, October. [Downloadable!] (restricted)
    Other versions:
  3. Giorgio Fagiolo & Paul Windrum & Alessio Moneta, 2006. "Empirical Validation of Agent Based Models: A Critical Survey," LEM Papers Series 2006/14, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
  4. Giorgio Fagiolo & Alessio Moneta & Paul Windrum, 2007. "A Critical Guide to Empirical Validation of Agent-Based Models in Economics: Methodologies, Procedures, and Open Problems," Computational Economics, Springer, vol. 30(3), pages 195-226, October. [Downloadable!] (restricted)
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