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A Diffusion-Model-Based Supply-Side Offer Agent

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2 Author(s)
H. Oh ; Dept. of Electr. & Comput. Eng., Cornell Univ., Ithaca, NY ; R. J. Thomas

Worldwide energy markets have been on a path toward deregulation for several decades. These markets have proven to be difficult to design and run because of their repetitive nature and the externalities provided by reliable grid operation. In a deregulated market environment, our experiments suggest that market participants will pursue their own profit-maximizing objective rather than use an objective that reflects social benefit. Multiagent simulation is useful for gaining insights into market participant behavior under various rules. In this way, market rules can be tested for efficacy and efficiency. In this paper, an agent based on a double-layer diffusion model developed elsewhere is tested and its effectiveness reported

Published in:

IEEE Transactions on Power Systems  (Volume:21 ,  Issue: 4 )