Similar Search Results

Using EPECs to model bilevel games in restructured electricity markets with locational prices

Hu, X.; Ralph, R. - Faculty of Economics, University of Cambridge - 2006

CWPE0619 (EPRG0602) Xinmin Hu and Daniel Ralph (Feb 2006) Using EPECs to model bilevel games in restructured electricity markets with locational prices We study a bilevel noncooperative game-theoretic model of electricity markets with locational marginal prices. Each player faces a bilevel...

Persistent link: https://www.econbiz.de/10005647496

Existence of Equilibria and Core Convergence in Economies with Bads.

Hara, C. - Faculty of Economics, University of Cambridge - 2004

We consider an exchange economy in which there are infinitely many consumers and some commodities are bads, that is, cause disutility to consumers. We give an example of such an economy for which there is no competitive equilibrium or its variants (quasi- or psuedo-equilibrium). We also give...

Persistent link: https://www.econbiz.de/10005783843

Reconnecting Money to Inflation: The Role of the External Finance Premium

Chadha, J.S.; Corrado, L.; Holly, S. - Faculty of Economics, University of Cambridge - 2008

We re-connect money to in.ation using Goodfriend and McCallum's (2007) model where banks supply loans to cash … shocks to monitoring and collateral dominate those to goods productivity and the velocity of money demand, money and the … tends to be inflationary. Thus money and financial spreads are negatively correlated when banking sector shocks dominate. We …

Persistent link: https://www.econbiz.de/10005489324

A Note on Money and the Conduct of Monetary Policy

Chadha, Jagjit S.; Corrado, Luisa; Holly, Sean - Faculty of Economics, University of Cambridge - 2013

Prior to the financial crisis mainstream monetary policy practice had become disconnected from money. We outline the … basic rationale for this development using a simple model of money and credit in which we explore the conditions under which … money matters directly for the conduct of policy. Then, drawing on Goodfriend and McCallum’s (2007) DSGE model, we examine …

Persistent link: https://www.econbiz.de/10010700230

The Strategic Robustness of Mark-up Equilibria

Newbery, David M.; Greve, Thomas - Faculty of Economics, University of Cambridge - 2013

This paper is an extension of the paper 'The Robustness of Agent-Based Models of Electricity Wholesale Markets', EPRG1213 which was motivated by the problem of analysing market power in liberalised electricity markets. That paper examined two particular forms of agent-based models commonly used...

Persistent link: https://www.econbiz.de/10010790535

Evaluating Government’s Policies on Promoting Smart Metering in Retail Electricity Markets via Agent Based Simulation

Zhang, T.; Nuttall, W.J. - Faculty of Economics, University of Cambridge - 2008

In this paper, we develop an agent-based model of a market game in order to evaluate the effectiveness of the UK government’s 2008-2010 policy on promoting smart metering. We also consider possible supplementary strategies. With the model, we test the effectiveness of four possible strategy...

Persistent link: https://www.econbiz.de/10005783766

The roubstness of agent-based models of electricity wholesale markets

Newberry, D. - Faculty of Economics, University of Cambridge - 2012

Agent-based modelling is an attractive way of finding equilibria in complex problems involving strategic behaviour, particularly in electricity markets with transmission constraints. However, while it may be possible to demonstrate convergence of learning behaviour to a Nash equilibrium, that is...

Persistent link: https://www.econbiz.de/10010699802

An Agent Based Simulation Of Smart Metering Technology Adoption

Zhang, T.; Nuttall, W.J. - Faculty of Economics, University of Cambridge - 2007

Based on the classic behavioural theory “the Theory of Planned Behaviour”, we develop an agent-based model to simulate the diffusion of smart metering technology in the electricity market. We simulate the emergent adoption of smart metering technology under different management strategies...

Persistent link: https://www.econbiz.de/10005113826

Electricity Generation with Looped Transmission Networks: Bidding to an ISO

Hu, X.; Ralph, D.; Ralph, E.K.; Bardsley, P.; Ferris, M.C. - Faculty of Economics, University of Cambridge - 2004

This paper uses a bi-level game to model markets for delivery of electrical power on looped transmission networks. It analyzes the effectiveness of an independent system operator (ISO) when generators (and, in some cases, retailers) with market power bid a single parameter of their linear supply...

Persistent link: https://www.econbiz.de/10005647441

Optimal Treatment of an SIS Disease with Two Strains

Telalagic, S. - Faculty of Economics, University of Cambridge - 2012

This paper explores optimal treatment of an SIS (Susceptible-Infected-Susceptible) disease that has two strains with di¤erent infectivities. When we assume that neither eradication nor full infection are possible, it is shown that there are two categories of equilibria. First, there are two...

Persistent link: https://www.econbiz.de/10010699804