An Application of Agent-based Simulation to the New Electricity Trading Arrangements of England and Wales
AbstractThis paper presents a large-scale application of multi-agent, evolutionary modelling to the proposed new electricity trading arrangements (NETA) in the UK. This is a detailed, plant-by-plant model with an active specification of the demand side of the market. NETA involves a bilateral forwards market followed by a balancing mechanism, and then an imbalance settlement process. This agent-based simulation model has been able to provide pricing and strategic insights, ahead of NETA's actual introduction, to an extent which have eluded conventional economic analysis.
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Bibliographic InfoPaper provided by Society for Computational Economics in its series Computing in Economics and Finance 2001 with number 93.
Date of creation: 01 Apr 2001
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Simulation: intelligent agents; Evolutionary economics; Electricity: competitive markets; Imperfect competition; Market design;
Find related papers by JEL classification:
- C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
- L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
- Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
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- H. Dawid & S. Gemkow & P. Harting & K. Kabus & K. Wersching & M. Neugart, 2008. "Skills, Innovation, and Growth: An Agent-Based Policy Analysis," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 228(2+3), pages 251-275, June.
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