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A critical survey of agent-based wholesale electricity market models

  • Weidlich, Anke
  • Veit, Daniel
Registered author(s):

    The complexity of electricity markets calls for rich and flexible modeling techniques that help to understand market dynamics and to derive advice for the design of appropriate regulatory frameworks. Agent-Based Computational Economics (ACE) is a fairly young research paradigm that offers methods for realistic electricity market modeling. A growing number of researchers have developed agent-based models for simulating electricity markets. The diversity of approaches makes it difficult to overview the field of ACE electricity research; this literature survey should guide the way through and describe the state-of-the-art of this research area. In a conclusive summary, shortcomings of existing approaches and open issues that should be addressed by ACE electricity researchers are critically discussed.

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    Article provided by Elsevier in its journal Energy Economics.

    Volume (Year): 30 (2008)
    Issue (Month): 4 (July)
    Pages: 1728-1759

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    Handle: RePEc:eee:eneeco:v:30:y:2008:i:4:p:1728-1759
    Contact details of provider: Web page: http://www.elsevier.com/locate/eneco

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