Capacity Utilization in Electricity Market Behavior: An Experimental Analysis
This paper describes a laboratory experiment of electricity markets to study the effect of variable capacity utilization over market dynamics. Previous experiments have left out a potential source of cyclical behavior by assuming full capacity utilization. We run 12 experimental markets of the power...
- Autores:
- Tipo de recurso:
- Fecha de publicación:
- 2019
- Institución:
- Universidad del Rosario
- Repositorio:
- Repositorio EdocUR - U. Rosario
- Idioma:
- eng
- OAI Identifier:
- oai:repository.urosario.edu.co:10336/28937
- Acceso en línea:
- https://repository.urosario.edu.co/handle/10336/28937
- Palabra clave:
- Electricity Market
Capacity Utilization
Decision-Making
Experimental
Economics
System Dynamics
- Rights
- License
- http://purl.org/coar/access_right/c_abf2
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Capacity Utilization in Electricity Market Behavior: An Experimental AnalysisUtilización de la capacidad en el comportamiento del mercado eléctrico: un análisis experimentalElectricity MarketCapacity UtilizationDecision-MakingExperimentalEconomicsSystem DynamicsThis paper describes a laboratory experiment of electricity markets to study the effect of variable capacity utilization over market dynamics. Previous experiments have left out a potential source of cyclical behavior by assuming full capacity utilization. We run 12 experimental markets of the power generation sector, involving two treatments: a first treatment with fixed (full) capacity utilization where subjects make investment decisions, and a second treatment where subjects make both investment and capacity utilization decisions. Visual inspections, basic statistics and simulation tests run with decision rules estimated from experimental data show that the markets run under full capacity utilization present a cyclical behavior in market development. Conversely, such tests show a noncyclical market development for the markets run under variable capacity utilization, suggesting that varying capacity utilization favors stability rather than a cyclical behavior.The Pennsylvania State University20192020-08-28T15:51:35Zinfo:eu-repo/semantics/conferenceObjecthttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_c94fapplication/pdfhttps://repository.urosario.edu.co/handle/10336/28937CiteSeerXinstname:Universidad del Rosarioreponame:Repositorio Institucional EdocURenghttp://citeseerx.ist.psu.edu/viewdoc/versions?doi=10.1.1.314.2470http://purl.org/coar/access_right/c_abf2Castañeda, Jaime AndrésArango Aramburo, Santiagooai:repository.urosario.edu.co:10336/289372021-11-17T05:44:39Z |
dc.title.none.fl_str_mv |
Capacity Utilization in Electricity Market Behavior: An Experimental Analysis Utilización de la capacidad en el comportamiento del mercado eléctrico: un análisis experimental |
title |
Capacity Utilization in Electricity Market Behavior: An Experimental Analysis |
spellingShingle |
Capacity Utilization in Electricity Market Behavior: An Experimental Analysis Electricity Market Capacity Utilization Decision-Making Experimental Economics System Dynamics |
title_short |
Capacity Utilization in Electricity Market Behavior: An Experimental Analysis |
title_full |
Capacity Utilization in Electricity Market Behavior: An Experimental Analysis |
title_fullStr |
Capacity Utilization in Electricity Market Behavior: An Experimental Analysis |
title_full_unstemmed |
Capacity Utilization in Electricity Market Behavior: An Experimental Analysis |
title_sort |
Capacity Utilization in Electricity Market Behavior: An Experimental Analysis |
dc.subject.none.fl_str_mv |
Electricity Market Capacity Utilization Decision-Making Experimental Economics System Dynamics |
topic |
Electricity Market Capacity Utilization Decision-Making Experimental Economics System Dynamics |
description |
This paper describes a laboratory experiment of electricity markets to study the effect of variable capacity utilization over market dynamics. Previous experiments have left out a potential source of cyclical behavior by assuming full capacity utilization. We run 12 experimental markets of the power generation sector, involving two treatments: a first treatment with fixed (full) capacity utilization where subjects make investment decisions, and a second treatment where subjects make both investment and capacity utilization decisions. Visual inspections, basic statistics and simulation tests run with decision rules estimated from experimental data show that the markets run under full capacity utilization present a cyclical behavior in market development. Conversely, such tests show a noncyclical market development for the markets run under variable capacity utilization, suggesting that varying capacity utilization favors stability rather than a cyclical behavior. |
publishDate |
2019 |
dc.date.none.fl_str_mv |
2019 2020-08-28T15:51:35Z |
dc.type.none.fl_str_mv |
info:eu-repo/semantics/conferenceObject |
dc.type.coarversion.fl_str_mv |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
dc.type.coar.fl_str_mv |
http://purl.org/coar/resource_type/c_c94f |
dc.identifier.none.fl_str_mv |
https://repository.urosario.edu.co/handle/10336/28937 |
url |
https://repository.urosario.edu.co/handle/10336/28937 |
dc.language.none.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
http://citeseerx.ist.psu.edu/viewdoc/versions?doi=10.1.1.314.2470 |
dc.rights.coar.fl_str_mv |
http://purl.org/coar/access_right/c_abf2 |
rights_invalid_str_mv |
http://purl.org/coar/access_right/c_abf2 |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
The Pennsylvania State University |
publisher.none.fl_str_mv |
The Pennsylvania State University |
dc.source.none.fl_str_mv |
CiteSeerX instname:Universidad del Rosario reponame:Repositorio Institucional EdocUR |
instname_str |
Universidad del Rosario |
institution |
Universidad del Rosario |
reponame_str |
Repositorio Institucional EdocUR |
collection |
Repositorio Institucional EdocUR |
repository.name.fl_str_mv |
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repository.mail.fl_str_mv |
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1803710432347684864 |