Electric Power Markets in Transition: Agent-Based Modeling Tools for Transactive Energy Support
Leigh Tesfatsion Economics Department, Iowa State University, Ames, IA, United States, tesfatsi@iastate.edu
Abstract
Electric power systems consist of large numbers of heterogeneous participants interacting within an intricate layered network of economic and operational relationships. Decision-making in these systems has been extensively decentralized in many industrialized countries over the past twenty years in an attempt to increase their reliability and efficiency. Given the high negative impact of power disruptions, these decentralization efforts have typically been preceded by extensive sensitivity studies with empirically-based ...
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