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Can Agent-Based Models Forecast Spot Prices in Electricity Markets? Evidence from the New Zealand Electricity Market
2012
Social Science Research Network
Modelling price formation in electricity markets is a notoriously difficult process, due to physical constraints on electricity generation and flow. This difficulty has inspired the recent development of bottom-up agent-based models of electricity markets. While these have proven quite successful in small models, few authors have attempted any validation of their model against real-world data in a more realistic model. In this paper, we take one of the most promising algorithms, the modified
doi:10.2139/ssrn.2046853
fatcat:rwlwtxnrandfhn5zowdgvwxbeq