Wholesale power markets operating over transmission grids subject to congestion have distinctive features that complicate the detection of market power and operational inefficiency. This study uses the AMES wholesale power market test bed with strategically learning traders to experimentally test the extent to which market performance measures commonly used for other industries are informative for the dynamic operation of restructured wholesale power markets. Examined measures include the Herfindahl-Hirschman Index (HHI), the Lerner Index (LI), the Residual Supply Index (RSI), the Relative Market Advantage Index (RMAI), and the Operational Efficiency Index (OEI). 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
12977.
Length: 15 pages Date of creation: 19 Aug 2008 Date of revision: Publication status: Published in IEEE Computational Intelligence Magazine, November 2008, Vol. 3, No. 4, pp. 56-72. Handle: RePEc:isu:genres:12977
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