By Herbert Dawid, Willi Semmler
This quantity is based round the factor of marketplace layout and ensuing industry dynamics. the industrial concern of 2007-2009 has once more highlighted the significance of a formal layout of industry protocols and institutional information for fiscal dynamics and macroeconomics. Papers during this quantity seize institutional info of specific markets, behavioral info of brokers' selection making in addition to spillovers among markets and results to the macroeconomy. Computational tools are used to copy and comprehend industry dynamics rising from interplay of heterogeneous brokers, and to improve versions that experience predictive energy for complicated marketplace dynamics. ultimately remedies of overlapping generations types and differential video games with heterogeneous actors are provided.
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Extra info for Computational Methods in Economic Dynamics
Since electricity is a central component of modern economies, market operators and regulatory agencies continually introduce new types of market structures to obtain a more reliable electricity market. Recent introductions include a micro-grid, a capacity market, long-term contracts, demand-side participation, financial transmission rights, and customers’ choice of retail services. More recently, smart electricity meters and real-time pricing have also been considered to improve efficiency and mitigate wholesalers’ market power.
It is also clear from Fig. 4 that the earnings of students and IPT agents are positively correlated. When one pair of students is successful in raising the market price, the IPT agents learn to speculate and reinforce the students’ behavior. As a result, all firms obtain higher earnings. The IPT agents can also exploit unusual situations effectively. For example, in Session 2_9 of Test 2, one student sold only the contracted 50 MW and withheld everything else from the auction, and the other student submitted three of the four non-contracted blocks (40 MW in addition to the 50 MW contracted) at very high offer prices.
This latter criterion, patterned after the usual measure of allocative efficiency, is (to the best of our knowledge) new to the literature: we argue that ignoring it neglects one of the paramount goals of designing a market protocol. We then introduce a different family of rules, based on the idea to delete only those quotes that fall outside of a price band parameterized by γ . We find that from the point of view of allocative efficiency, the optimized versions of either resampling rule are virtually indistinguishable.
Computational Methods in Economic Dynamics by Herbert Dawid, Willi Semmler