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An Agent-Based Computational Laboratory for Wholesale Power Market Design

Author

Listed:
  • Sun, Junjie
  • Tesfatsion, Leigh S.

Abstract

This study reports on the model development and open-source implementation (in Java) of an agent-based computational wholesale power market organized in accordance with core FERC-recommended design features and operating over a realistically rendered transmission grid subject to congestion effects. The traders within this market model are strategic profit-seeking agents whose learning behaviors are based on data from human-subject experiments. Our key experimental focus is the complex interplay among structural conditions, market protocols, and learning behaviors in relation to short-term and longer-term market performance. Market power findings for a dynamic 5-node transmission grid test case are presented for concrete illustration. Related work can be accessed at: http://www2.econ.iastate.edu/tesfatsi/AMESMarketHome.htm

Suggested Citation

  • Sun, Junjie & Tesfatsion, Leigh S., 2007. "An Agent-Based Computational Laboratory for Wholesale Power Market Design," Staff General Research Papers Archive 12776, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genres:12776
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    Cited by:

    1. Moradi, Mohammad H. & Razini, Saleh & Mahdi Hosseinian, S., 2016. "State of art of multiagent systems in power engineering: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 58(C), pages 814-824.

    More about this item

    Keywords

    Wholesale electric power markets; restructuring; locational marginal price; software; Agent-based test bed; AMES;

    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • D6 - Microeconomics - - Welfare Economics
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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