Market Design Test Environments
AbstractPower industry restructuring continues to evolve at multiple levels of system operations. At the bulk electricity level, several organizations charged with regional system operation are implementing versions of a Wholesale Power Market Platform (WPMP) in response to U.S. Federal Energy Regulatory Commission initiatives. Recently the Energy Policy Act of 2005 and several regional initiatives have been pressing the integration of demand response as a resource for system operations. These policy and regulatory pressures are driving the exploration of new market designs at the wholesale and retail levels. The complex interplay among structural conditions, market protocols, and learning behaviors in relation to short-term and longer-term market performance demand a flexible computational environment where designs can be tested and sensitivities to power system and market rule changes can be explored. This paper discusses the use of agent-based computational methods for the study of electricity markets at the wholesale and retail levels, and explores distinctions in problem formulation between these levels. Related work can be accessed at: http://www.econ.iastate.edu/tesfatsi/AMESMarketHome.htm
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 12516.
Date of creation: 01 Jan 2006
Date of revision:
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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
Web page: http://www.econ.iastate.edu
More information through EDIRC
restructuring; Agent-based test bed; AMES; Power industry; market design; wholesale; retail;
Find related papers by JEL classification:
- B4 - Schools of Economic Thought and Methodology - - Economic Methodology
- C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- D4 - Microeconomics - - Market Structure and Pricing
- D6 - Microeconomics - - Welfare Economics
- L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
- L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
- L3 - Industrial Organization - - Nonprofit Organizations and Public Enterprise
- L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
- Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-03-18 (All new papers)
- NEP-COM-2006-03-18 (Industrial Competition)
- NEP-ENE-2006-03-18 (Energy Economics)
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- 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.
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