Agent-based simulation of power markets under uniform and pay-as-bid pricing rules using Reinforcement Learning

2006 IEEE PES Power Systems Conference and Exposition, PSCE 2006 - Proceedings

Volumn , Issue , 2006, Pages 1168-1173

  Bakirtzis, Anastasios G ^a   Tellidou, Athina C ^a  

^a ARISTOTLE UNIVERSITY OF THESSALONIKI   (Greece)

Author keywords

Electricity spot markets; Multi agent modeling; Pay as bid; Q learning algorithm; Uniform pricing

Indexed keywords

ELECTRICITY SPOT MARKET; MULTI-AGENT MODELING; PAY AS BID; Q-LEARNING ALGORITHMS; UNIFORM PRICING;

COMMERCE; COSTS; POWER TRANSMISSION; REINFORCEMENT; REINFORCEMENT LEARNING;

LEARNING ALGORITHMS;

EID: 43549119409     PISSN: None     EISSN: None     Source Type: Conference Proceeding    
DOI: 10.1109/PSCE.2006.296473     Document Type: Conference Paper

References (12)

1. P. Cramton, "Alternative Pricing Rules", Power Systems Conference and Exposition, 2004, IEEE PES.
2. S. Oren, "When is Pay-as-Bid Preferable to Uniform Price in Electricity Markets", Power Systems Conference and Exposition, 2004, IEEE PES.
3. [Online]. Available: http://www.ofgem.gov.uk/ofgem/index.jsp.
4. T. Mount, "Market Power and Price Volatility in Restructured Markets for Electricity", Proceedings of the Hawaii International Conference on System Sciences, January 5-8, 1999, Maui, Hawaii.
5. C. D. Wolfram, "Electricity Markets: Should the rest of the world adopt the United Kingdom's reforms?", Regualtion, The Cato Institute, Vol. 22, No. 4, 1999, pp. 48-53.
6. C. Vazquez, M. Rivier, I. J. Perez-Arriaga, "If Pay-as-Bid Auctions are not a solution for California, then why not a reliability market?" The Electricity Journal, Vol. 14, Issue 4, May 2001, Pages 41-48.
7. J. Bower, D. Bunn, "Experimental Analysis of the Efficiency of Uniform-Price versus Discriminatory Auctions in the England and Wales Electricity Market", Journal of Economic Dynamics and Control, Volume 25, Issues 3-4, March 2001, Pages 561-592.
8. G. Xiong, S. Okuma, H. Fujita, "Multi-Agent Experiments on Uniform Price and Pay-as-Bid Electricity Auction Markets", International Conference on Electric Utility Deregulation, Restructuring and Power Technologies (DRPT2004), 2004 IEEE, April 2004, Hong Kong.
9. C. J. C. H. Watkins, P. Dayan, "Technical Note: Q-Learning", Machine Learning, 8, 279-292, (1992).
10. J. Nie, S. Haykin, "A Dynamic Channel Assignment Policy through QLearning", IEEE Transactions on Neural Networks, Vol.10, No. 6, pp. 1443-1455, November 1999.
11. R. S. Sutton, A G. Barto, "Reinforcement learning: An introduction", MIT Press, 1998.
12. M. Guo, Y. Liu, J. Malec, "A new Q-Learning Algorithm based on the Metropolis Criterion", IEEE Transactions on Systems, Man, and Cybernetics - Part B: Cybernetics, Vol. 34, No. 5, October 2004.