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Analysing the price-effects of vertical and horizontal market power with agent based simulation

Journal

Proceedings of the IEEE

Subject

Management Science and Operations

Publishing details

Proceedings of the IEEE 2008 20-24 July p 1-6

Authors / Editors

Bunn D W;Martoccia M

Biographies

Derek Bunn

Publication Year

2008

Abstract

The use of an agent based simulation platform for market structure policy simulations in a restructured electricity markets reveal subtle insights with respect to the limited exercise of market power in situations where more conventional oligopoly models would suggest greater exploitation. The paper describes a detailed market simulation platform with agent strategies emerging as a result of simple reinforcement learning on both profit and capacity utilization. An example applied to addressing the evolution of some of the Italian market structure issues is described.

Available on ECCH

No


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