Related papers: Agent-based Model for Spot and Balancing Electrici…
Here, we introduce a price-formation model where a large number of small players can store and trade electricity. Our model is a constrained mean-field game (MFG) where the price is a Lagrange multiplier for the supply vs. demand balance…
We use a principal-agent model to analyze the structure of a book-driven dealer market when the dealer faces competition from a crossing network or dark pool. The agents are privately informed about their types (e.g. their portfolios),…
As zero-emission zones emerge in European cities, fleet operators are shifting to electric vehicles. To maintain their current operations, a clear understanding of the charging infrastructure required and its relationship to existing power…
This study presents an agent-based computational cross-market model for Chinese equity market structure, which includes both stocks and CSI 300 index futures. In this model, we design several stocks and one index futures to simulate this…
We introduce an agent-based model, in which agents set their prices to maximize profit. At steady state the market self-organizes into three groups: excess producers, consumers and balanced agents, with prices determined by their own…
We study the competition for partners in two-sided matching markets with heterogeneous agent preferences, with a focus on how the equilibrium outcomes depend on the connectivity in the market. We model random partially connected markets,…
In this paper, we develop an agent-based model which integrates four important elements, i.e. organisational energy management policies/regulations, energy management technologies, electric appliances and equipment, and human behaviour,…
An optimal scheduling model for a microgrid participating in the electricity distribution market in interaction with a Distribution Market Operator (DMO) is proposed in this paper. The DMO administers the established electricity market in…
The electricity industry has been one of the first to face technological changes motivated by sustainability concerns. Whilst efficiency aspects of market design have tended to focus upon market power concerns, the new policy challenges…
We present the closed-form solution to the problem of hedging price and quantity risks for energy retailers (ER), using financial instruments based on electricity price and weather indexes. Our model considers an ER who is intermediary in a…
In the context of smart grids and load balancing, daily peak load forecasting has become a critical activity for stakeholders of the energy industry. An understanding of peak magnitude and timing is paramount for the implementation of smart…
The growing share of proactive actors in the electricity markets calls for more attention on prosumers and more support for their decision-making under decentralized electricity markets. In view of the changing paradigm, it is crucial to…
The paper presents the BOLD (Buildings on Linked Data) benchmark for Linked Data agents, next to the framework to simulate dynamic Linked Data environments, using which we built BOLD. The BOLD benchmark instantiates the BOLD framework by…
We establish sufficient conditions for nodal price response matrix in electric power system to be symmetric and negative (semi-)definite. The results are applicable for electricity markets with nonlinear and intertemporal constraints.
A prototype model of stock market is introduced and studied numerically. In this self-organized system, we consider only the interaction among traders without external influences. Agents trade according to their own strategy, to accumulate…
We present a new model for the electricity spot price dynamics, which is able to capture seasonality, low-frequency dynamics and the extreme spikes in the market. Instead of the usual purely deterministic trend we introduce a non-stationary…
This paper evaluates market equilibrium under different pricing mechanisms in a two-settlement 100%-renewables electricity market. Given general probability distributions of renewable energy, we establish game-theoretical models to analyze…
Twelve years ago, the European Union began with the gradual phase-out of energy-inefficient incandescent light bulbs under the Ecodesign Directive. In this work, we implement an agent-based simulation to model the consumer behaviour in the…
Renewable electricity generation has grown significantly across many European power systems, leading to a greener energy mix, but also additional complexity in balancing electricity supply and demand. Unexpected differences between…
We investigate how asymmetric information affects equilibrium price formation in an economy with many interacting agents. Motivated by a finite-player model with two populations of asymmetrically informed agents, we study its mean-field…