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首页> 外文期刊>Journal of Economic Dynamics and Control >Computational Modelling Of Price Formation In The Electricity Pool Of England And Wales
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Computational Modelling Of Price Formation In The Electricity Pool Of England And Wales

机译：英格兰和威尔士电力池中价格形成的计算模型

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This paper develops a detailed computational model of price formation in the England and Wales electricity pool, as it operated for 11 years from 1990 to 2001. It is clear that during this period, the repeated nature of the daily auction, between a small number of generators, with a substantial amount of information in common, gave rise to a continuous evolution of learning and gaming in practice with no evidence of convergence to a stationary Nash solution. In terms of representing reality, a computational approach inspired by evolutionary economics, can succeed in reflecting well the type of behaviour observed, to an extent that cannot be matched by alternative analytical models. Cycles of pricing appear in the model, apparently as they seem to do in practice, yet average behaviour has been validated against the theoretical supply function results for the more stylised circumstances where analytical results are possible. The paper therefore makes a methodological contribution in the development of a model of competitive electricity markets inspired by computational learning and gaming. It also makes an applied contribution by providing a more realistic basis for identifying whether high market prices can be ascribed to problems of market structure or market conduct.
机译：本文开发了一个详细的计算模型，用于英格兰和威尔士的电力池，从1990年至2001年运行了11年。很明显，在此期间，每日拍卖的重复性在少数几个具有大量公共信息的生成器在实践中导致学习和游戏的不断发展，而没有证据表明已融合到固定Nash解决方案。在表示现实方面，受进化经济学启发的计​​算方法可以成功地很好地反映观察到的行为类型，在某种程度上是其他分析模型无法匹配的。定价的周期出现在模型中，显然在实践中似乎如此，但是对于可能具有分析结果的更具风格化的情况，平均行为已针对理论供给函数结果进行了验证。因此，本文对受计算学习和博弈启发的竞争性电力市场模型的开发做出了方法论上的贡献。它还通过提供更现实的依据来确定高市场价格是否可归因于市场结构或市场行为问题做出了实用的贡献。

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