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EnglishIn recent years, several oligopolistic models of the liberalized power exchanges have been proposed, within two paradigms based upon radically different assumptions on rationality, learning and cognition: optimal choice and agent-based computational modeling. This paper is a first attempt to compare the explanatory performances of an agent-based model with a supply function equilibrium model on the same dataset. The models are designed in such a way that differences in performance between them are mainly due to their different behavioral assumptions, and are validated on a unique plant-level dataset on the Italian power exchange. As suggested by our findings, the agent-based model is better able to capture the intraday profile of power prices, but both models tend to overestimate the degree of competition among generating companies.
| Titolo: | Comparison and empirical validation of optimizing and agent-based models of the Italian electricity market | |
| Autori: | ||
| Data di pubblicazione: | 2011 | |
| Abstract: | In recent years, several oligopolistic models of the liberalized power exchanges have been proposed, within two paradigms based upon radically different assumptions on rationality, learning and cognition: optimal choice and agent-based computational modeling. This paper is a first attempt to compare the explanatory performances of an agent-based model with a supply function equilibrium model on the same dataset. The models are designed in such a way that differences in performance between them are mainly due to their different behavioral assumptions, and are validated on a unique plant-level dataset on the Italian power exchange. As suggested by our findings, the agent-based model is better able to capture the intraday profile of power prices, but both models tend to overestimate the degree of competition among generating companies. | |
| Handle: | http://hdl.handle.net/11367/22531 | |
| ISBN: | 978-1-61284-284-4 | |
| Appare nelle tipologie: | 4.1 Contributo in Atti di convegno |
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