Power 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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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number
12516.
Length: Date of creation: 06 Mar 2006 Date of revision: Handle: RePEc:isu:genres:12516
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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 C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games C9 - Mathematical and Quantitative Methods - - Design of Experiments D4 - Microeconomics - - Market Structure and Pricing D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection D8 - Microeconomics - - Information, Knowledge, and Uncertainty L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets L5 - Industrial Organization - - Regulation and Industrial Policy Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
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