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Handbook of Computational Economics 4: Heterogeneous Agent Models
Article Title: "Electric Power Markets in Transition: Agent-Based Modeling Tools for Transactive Energy Support"
Specialization Codes: 11 - Energy and the Economy, 12 - Energy Access, 13 - Energy Security and Geopolitics, 14 - Energy Investment and Finance, 15.1 - Energy Data, Modeling, and Policy Analysis, 6 - Electricity, 7 - Renewables, 8 - Energy and the Environment, 9 - Energy Efficiency,
Authors: Leigh Tesfatsion
Publication Date: 2018
Description: 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 computational models. This chapter discusses the current and potential use of agent-based computational modeling to develop novel transactive energy system (TES) designs for electric power systems. TES designs are decentralized market-based designs that permit electric power systems to operate more fully in accordance with basic economic principles while maintaining overall system reliability and efficiency.
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