Title :
Simulating cost based bidding models in genersys
Author :
Sugianto, L.-F. ; Grozev, G. ; Zhigang Liao ; James, Michael R. ; Page, Juan
Author_Institution :
Fac. of Bus. & Econ., Monash Univ., Melbourne, VIC, Australia
Abstract :
This paper demonstrates the usefulness of an agent based model in studying the dynamics and economic performance of a competitive electricity market. An auction based market exhibits the characteristics of a complex adaptive system. An agent based model has been designed and implemented to mimic the operation of an electricity market. By running different simulation scenarios, we discover computational emergence on price and emission when generators employ different bidding models.
Keywords :
multi-agent systems; power engineering computing; power markets; pricing; tendering; agent based model; auction based market; competitive electricity market; complex adaptive system; computational emergence; economic performance; emission; genersys; price; simulating cost based bidding models; Agent based model; complex adaptive systems; computational emergence; electricity market;
Conference_Titel :
Soft Computing and Intelligent Systems (SCIS) and 13th International Symposium on Advanced Intelligent Systems (ISIS), 2012 Joint 6th International Conference on
Conference_Location :
Kobe
Print_ISBN :
978-1-4673-2742-8
DOI :
10.1109/SCIS-ISIS.2012.6505020
