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considered. Finally, the good agreement between the GAPEX simulated PUNs and the
GME real PUNs achieved by the strategic computational experiments remarks the im-
portance of including fixed-costs in the decision-making process of Gencos. Indeed,
results point out a strong relationship between fixed-costs and profits that the Enhanced
Roth-Erev algorithm was able to incorporate thus improving realism of the model.
90
RE Algorithm
MRE Algorithm
VRE Algorithm
ERE Algorithm
85
80
75
70
65
60
55
50
45
0
100
200
300
400
500
600
700
800
900
1000
Iteration
Fig. 8.
Convergence time-path of PUN in ABM IPEX using reinforcement learning algorithms
140
Real PUN
Simulated PUN
120
100
80
60
40
20
0
5
10
15
20
25
Hour
Fig. 9.
24 hours GAPEX simulated PUNs vs. GME real PUNs. The bars denote 95% confidence
interval.
6
Conclusions
In this paper, an agent-based electricity market framework has been presented. The
framework has been implemented in MATLAB using the OOP paradigm and it allows
creation of artificial power exchanges characterized by real market mechanisms and by
