In April 2003 the U.S. Federal Energy Regulatory Commission proposed a complicated marketdesign – the Wholesale Power Market Platform (WPMP) – for common adoption byall U.S. wholesale power markets. Versions of the WPMP have been implemented in NewEngland, New York, the mid-Atlantic states,...

Agent-based Computational Economics (ACE) is the computational study of economic processesmodeled as dynamic systems of interacting agents. This essay discusses the potentialuse of ACE modeling tools for the study of macroeconomic systems. Points are illustratedusing an ACE model of a two-sector...

This study uses an agent-based test bed (“AMES”)to investigate separation and volatility of locational marginalprices (LMPs) in an ISO-managed restructured wholesale powermarket operating over an AC transmission grid. Particular attentionis focused on the dynamic and cross-sectional response...

Agent-based computational economics (ACE)is the computational study of economies modelled as evolving systems of autonomous interacting agents. This short paper is a brief guide to recent ACE research. For more information, visit the ACE Web site at http://www.econ.iastate.edu/tesfatsi/ace.htm....

The recent economic crisis has led to calls for a comprehensive restructuring of energy, financial, health care, and educational systems. Critics worry the restructuring of these complex institutional arrangements could produce adverse unintended consequences. Given these concerns, pre-testing...

Economies are complicated systems encompassing micro behaviors, interaction patterns, and global regularities. Whether partial or general in scope, studies of economic systems must consider how to handle difficult real-world aspects such as asymmetric information, imperfect competition,...

This study uses an agent-based computational labor market framework to undertake a systematic experimental investigation of the relationship between market structure and market power. Market structure is measured in terms of job capacity (total potential job openings to total potential work...

This study undertakes a systematic experimental investigation of hysteresis (path dependency) in an agent-based computational labor market framework. It is shown that capacity asymmetries between work suppliers and employers can result in two distinct hysteresis effects, network and behavioral,...

This study uses agent-based computational experiments to examine the effects of a non-employment payoff on network formation and work-site behaviors among workers and employers participating in a sequential employment game with incomplete contracts. Workers either direct work offers to preferred...

This study uses 5-bus and 30-bus test cases to explore ISO net surplus (congestion rent) collections and allocations in wholesale power markets with grid congestion managed by locational marginal prices (LMPs). Price-sensitivity of demand and generator learning capabilities are taken as...