An Agent-Based Computational Laboratory for Testing the Economic Reliability of Wholesale Power Market Designs
In April 2003 the U.S. Federal Energy Regulatory Commission (FERC) proposed the Wholesale Power Market Platform (WPMP) for common adoption by U.S. wholesale power markets. The WPMP is a complicated market design that has been adopted in some regions of the U.S. but resisted in others on the grounds that its reliability has not yet been sufficiently tested. This article reports on the development of an agent-based computational framework for exploring the economic reliability of the WPMP. The key issue under study is the extent to which the WPMP is capable of sustaining efficient, orderly, and fair market outcomes over time despite attempts by market participants to gain advantage through strategic pricing, capacity withholding, and/or induced transmission congestion. Related work can be accessed at: http://www.econ.iastate.edu/tesfatsi/AMESMarketHome.htm
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- Tesfatsion, Leigh, 2001. "Nonlocal Sensitivity Analysis with Automatic Differentiation," Staff General Research Papers 1990, Iowa State University, Department of Economics.
- Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics 0203001, EconWPA, revised 15 Aug 2002.
- Kalaba, Robert E. & Tesfatsion, Leigh S., 1991. "Solving Nonlinear Equations By Adaptive Homotopy Continuation," Staff General Research Papers 11186, Iowa State University, Department of Economics.
- Tesfatsion, Leigh & Judd, Kenneth L., 2006. "Handbook of Computational Economics, Vol. 2: Agent-Based Computational Economics," Staff General Research Papers 10368, Iowa State University, Department of Economics.
- Severin Borenstein, 2002. "The Trouble With Electricity Markets: Understanding California's Restructuring Disaster," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 191-211, Winter.
- Kalaba, Robert E. & Tesfatsion, Leigh S., 1990.
"Nonlocal Automated Sensitivity Analysis,"
Staff General Research Papers
11191, Iowa State University, Department of Economics.
- Tesfatsion, Leigh, 1991. "Automatic Evaluation of Higher-Order Partial Derivatives for Nonlocal Sensitivity Analysis," Staff General Research Papers 11183, Iowa State University, Department of Economics.
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