A critical survey of agent-based wholesale electricity market models

Weidlich, Anke; Veit, Daniel

doi:10.1016/j.eneco.2008.01.003

Cited by 288 publications

(156 citation statements)

References 53 publications

(58 reference statements)

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“…As detailed in Weidlich and Veit (2008), agent-based researchers around the world are building empirically-grounded testbeds for the study of such systems, sharing the computational burden and speeding the real-world benefits. It seems likely that the concept of weakly emergent patterns will play an increasingly important role in conveying our hard-won understanding of these and other complex real-world systems critical for both social welfare and national security.…”

Section: Discussionmentioning

confidence: 99%

Co-learning patterns as emergent market phenomena: An electricity market illustration

Tesfatsion

2012

Journal of Economic Behavior & Organization

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The definition of emergence remains problematic, particularly for systems with purposeful human interactions. This study explores the practical import of this concept within a specific market context: namely, a double-auction market for wholesale electric power that operates over a transmission grid with spatially located buyers and sellers. Each profit-seeking seller is a learning agent that attempts to adjust its daily supply offers to its best advantage. The sellers are co-learners in the sense that their supply offer adjustments are in response to past market outcomes that reflect the past supply offer choices of all sellers. Attention is focused on the emergence of co-learning patterns, that is, global market patterns that arise and persist over time as a result of seller co-learning. Examples of co-learning patterns include correlated seller supply offer behaviors and correlated seller net earnings outcomes. Heat maps are used to display and interpret co-learning pattern findings. One key finding is that co-learning strongly matters in this auction market environment. Sellers that behave as Gode-Sunder budget-constrained zerointelligence agents, randomly selecting their supply offers subject only to a break-even constraint, tend to realize substantially lower net earnings than sellers that tacitly co-learn to correlate their supply offers for market power advantages.

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Section: Discussionmentioning

confidence: 99%

Co-learning patterns as emergent market phenomena: An electricity market illustration

Tesfatsion

2012

Journal of Economic Behavior & Organization

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“…Furthermore, most of them only discussed conventional energy models, and none of them examined the applicability of life cycle thinking, systems thinking, and agent-based modeling (ABM) methods. On the other hand, Ventosa et al (2005) and Veselka et al (2002) recommend the ABM for solving complex problems that could not be explained by the conventional energy models. Moreover, energy models should have the flexibility to allow model adjustments when an analysis is done in developing countries; and one of the modeling approaches with a high degree of flexibility is ABM (Chappin et al, 2017).…”

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confidence: 99%

Selecting Tools for Renewable Energy Analysis in Developing Countries: An Expanded Review

et al. 2017

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Renewable energy planners in developing countries should be cautious in using analytical tools formulated in developed countries. Traditional energy consumption, economic and demography transitions, high-income inequality, and informal economy are some characteristics of developing countries that may contradict the assumptions of mainstream, widely used analytical tools. In this study, we synthesize the debate in previous review studies on energy models for developing countries and then extend the scope of the previous studies by highlighting emerging methods of system thinking, life cycle thinking, and decision support analysis. We then discuss how these tools have been used for renewable energy analysis in developing countries and found out that not all studies are aware of the emerging critical issues in developing countries. We offer here a guidance to select the most appropriate analytical tool, mainly when dealing with energy modeling and analysis for developing countries. We also suggest potential future improvements to the analytical tool for renewable energy modeling and analysis in the developing countries.

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“…The former are often more technology driven and can represent whole energy systems with great detail; see, for example, the LEAP model (Heaps, 2012). The latter results from a relatively new model approach in energy economics [e.g., see Weidlich and Veit (2008) for a review of electricity market related agent-based models]. Instead of a closed mathematical market formulation, individual market participants are modeled as agents with autonomous behavior that interact with each other.…”

Section: Hybrid Models and Other Model Approachesmentioning

confidence: 99%

The Demand Side in Economic Models of Energy Markets: The Challenge of Representing Consumer Behavior

Krysiak

Weigt

2015

Front. Energy Res.

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Energy models play an increasing role in the ongoing energy transition processes either as tools for forecasting potential developments or for assessments of policy and market design options. In recent years, these models have increased in scope and scale and provide a reasonable representation of the energy supply side, technological aspects and general macroeconomic interactions. However, the representation of the demand side and consumer behavior has remained rather simplistic. The objective of this paper is twofold. First, we review existing large-scale energy model approaches, namely bottomup and top-down models, with respect to their demand-side representation. Second, we identify gaps in existing approaches and draft potential pathways to account for a more detailed demand-side and behavior representation in energy modeling.

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A critical survey of agent-based wholesale electricity market models

Cited by 288 publications

References 53 publications

Co-learning patterns as emergent market phenomena: An electricity market illustration

Co-learning patterns as emergent market phenomena: An electricity market illustration

Selecting Tools for Renewable Energy Analysis in Developing Countries: An Expanded Review

The Demand Side in Economic Models of Energy Markets: The Challenge of Representing Consumer Behavior

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