A Critical Survey of Agent-Based Wholesale Electricity Market Models

Weidlich, Anke ; Veit, Daniel J.

Document Type: Article
Year of publication: 2008
The title of a journal, publication series: Energy Economics
Volume: 30
Issue number: 4
Page range: 1728-1759
Place of publication: Amsterdam
Publishing house: Elsevier
ISSN: 0140-9883
Publication language: English
Institution: Business School > Dieter-Schwarz-Stiftungslehrstuhl für ABWL, E-Business u. E-Government (Veit 2006-2013)
Subject: 330 Economics
Keywords (English): Agent-based Computational Economics , E-Business , E-Energy , electricity market modelling , Simulation
Abstract: The complexity of electricity markets calls for rich and flexible modeling techniques that help to understand market dynamics and to derive advice for the design of appropriate regulatory frameworks. Agent-Based Computational Economics (ACE) is a fairly young research paradigm that offers methods for realistic electricity market modeling. A growing number of researchers have developed agent-based models for simulating electricity markets. The diversity of approaches makes it difficult to overview the field of ACE electricity research; this literature survey should guide the way through and describe the state-of-the- art of this research area. In a conclusive summary, shortcomings of existing approaches and open issues that should be addressed by ACE electricity researchers are critically discussed.

Dieser Eintrag ist Teil der Universitätsbibliographie.

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