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This paper first briefly reviews the typical functionality and structure of market-based generation and transmission planning tools. Possible new functions are discussed to include bidding strategy models and system dynamics models. The former is used to reflect the behavior and the learning process of market participants and the latter represents an information feedback loop to account for long term impact of decisions. Improvements in algorithms and implementation are discussed. The discussion includes AC versus DC model, engineering model versus statistical model, Monte Carlo simulation for reliability, and distributed implementation.