The denition of emergence remains problematic, particularly for systemswith purposeful human interactions. This study explores the practical importof this concept within a specic market context: namely, a double-auctionmarket for wholesale electric power that operates over a transmission...

Many critical goods and services in modern-day economies are producedand distributed through complex institutional arrangements. Agent-based computationaleconomics (ACE) modeling tools are capable of handling this degree of complexity.In concrete support of this claim, this study presents an ACE...

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...