Abstract
This paper presents the development of an agent based bidding model, that closely represents the process each active generator may undertake prior to the bidding and during the rebidding process in an electricity market. The processes that had been modelled include the analysis of historical demand/prices, the forecasting of future spot prices and demand; the formulation of daily bids and the readjustment of bids during the trading process. The uniqueness of this model is the integration of human risk preference under conditions of limited information. This model was tested with data from the Australian National Electricity Market (NEM). (7 pages)
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