Agent-based analysis of technological diversification and specialization in electricity markets |
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Authors: | Derek W Bunn Fernando S Oliveira |
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Institution: | 1. Decision Sciences Department, London Business School, Regent’s Park, NW1 4SA, London, UK;2. Department of Operational Research and Information Systems, Warwick Business School, The University of Warwick, Coventry, CV4 7AL, UK;3. CEMPRE, Faculdade de Economia, Universidade do Porto, Portugal |
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Abstract: | This paper develops a model-based analysis of technological market structure evolution in electricity markets. This is done through the development of a power plant trading game that, via computational learning, simulates how players coordinate their behaviour in buying and selling power generation assets. In particular, we look at the question of how market performance depends upon the different technological types of plant owned by the generators, and whether, through the strategic adaptation of their power plant portfolios, there is a tendency for the market to evolve into concentrations of specialized or diversified companies. |
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Keywords: | Agent-based Computational learning Electricity markets Evolutionary games Simulation |
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