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An Agent-Based Test Bed Study of Wholesale Power Market Performance Measures

Author

Listed:
  • Somani, Abhishek
  • Tesfatsion, Leigh S.

Abstract

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://www2.econ.iastate.edu/tesfatsi/AMESMarketHome.htm

Suggested Citation

  • Somani, Abhishek & Tesfatsion, Leigh S., 2008. "An Agent-Based Test Bed Study of Wholesale Power Market Performance Measures," Staff General Research Papers Archive 12977, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genres:12977
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    Citations

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    Cited by:

    1. Vespucci, Maria Teresa & Innorta, Mario & Cervigni, Guido, 2013. "A Mixed Integer Linear Programming model of a zonal electricity market with a dominant producer," Energy Economics, Elsevier, vol. 35(C), pages 35-41.
    2. Ketter, W. & Collins, J. & de Weerdt, M.M., 2016. "The 2016 Power Trading Agent Competition," ERIM Report Series Research in Management ERS-2016-002-LIS, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    3. Pinto, T. & Morais, H. & Oliveira, P. & Vale, Z. & Pra├ža, I. & Ramos, C., 2011. "A new approach for multi-agent coalition formation and management in the scope of electricity markets," Energy, Elsevier, vol. 36(8), pages 5004-5015.
    4. Ketter, Wolfgang & Collins, John & Reddy, Prashant, 2013. "Power TAC: A competitive economic simulation of the smart grid," Energy Economics, Elsevier, vol. 39(C), pages 262-270.
    5. Ketter, W. & Collins, J. & de Weerdt, M.M., 2017. "The 2018 Power Trading Agent Competition," ERIM Report Series Research in Management ERS-2017-016-LIS, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    6. Ketter, W. & Collins, J. & Reddy, P. & Flath, C., 2011. "The Power Trading Agent Competition," ERIM Report Series Research in Management ERS-2011-011-LIS, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    7. Ketter, W. & Collins, J. & Reddy, P. & de Weerdt, M.M., 2012. "The 2012 Power Trading Agent Competition," ERIM Report Series Research in Management ERS-2012-010-LIS, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    8. Ketter, W. & Collins, J. & Reddy, P. & de Weerdt, M.M., 2013. "The 2013 Power Trading Agent Competition," ERIM Report Series Research in Management ERS-2013-006-LIS, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    9. Ketter, W. & Collins, J. & de Weerdt, M.M., 2017. "The 2017 Power Trading Agent Competition," ERIM Report Series Research in Management ERS-2017-002-LIS, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    10. Somani, Abhishek, 2012. "Financial risk management and market performance in restructured electric power markets: Theoretical and agent-based test bed studies," ISU General Staff Papers 201201010800003479, Iowa State University, Department of Economics.
    11. Ketter, W. & Collins, J. & Reddy, P. & de Weerdt, M.M., 2014. "The 2014 Power Trading Agent Competition," ERIM Report Series Research in Management ERS-2014-004-LIS, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    12. Ketter, W. & Collins, J. & Reddy, P. & de Weerdt, M.M., 2015. "The 2015 Power Trading Agent Competition," ERIM Report Series Research in Management ERS-2015-001-LIS, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    13. Li, Hongyan & Sun, Junjie & Tesfatsion, Leigh S., 2009. "Separation and Volatility of Locational Marginal Prices in Restructured Wholesale Power Markets," Staff General Research Papers Archive 13075, Iowa State University, Department of Economics.

    More about this item

    Keywords

    Wholesale power markets; Performance measures; Agent-based test bed; Herfindahl-Hirschman Index (HHI); Lerner Index; Residual Supply Index; Relative Market Advantage Index; Operational Efficiency Index;

    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • D6 - Microeconomics - - Welfare Economics
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L3 - Industrial Organization - - Nonprofit Organizations and Public Enterprise
    • 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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