This study investigates the complicated nonlinear effects of demand-bid price sensitivity and supply-offer price caps on Locational Marginal Prices (LMPs) for bulk electric power when profit-seeking generators can learn over time how to strategize their supply offers. Systematic computational experiments are conducted using AMES, an open-source agent-based test bed developed by the authors. AMES models a restructured wholesale power market operating through time over an AC transmission grid subject to line constraints, generation capacity constraints, and strategic trader behaviors. Related work can be accessed at: http://www.econ.iastate.edu/tesfatsi/AMESMarketHome.htm
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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number
12975.
Length: Date of creation: 19 Aug 2008 Date of revision: Handle: RePEc:isu:genres:12975
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Find related papers by JEL classification: B4 - Schools of Economic Thought and Methodology - - Economic Methodology C0 - Mathematical and Quantitative Methods - - General C6 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory C9 - Mathematical and Quantitative Methods - - Design of Experiments D4 - Microeconomics - - Market Structure and Pricing D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection D8 - Microeconomics - - Information, Knowledge, and Uncertainty L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
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