Hammond, D. K., & Corsair, H. J. (2018, March), Teaching economics of electricity markets using a web-based model market game  Paper presented at 2018 ASEE Zone IV Conference, Boulder, Colorado. 10.18260/1-2--29628

\bibitem{asee_peer_29628}
  Hammond, D. K., \& Corsair, H. J. (2018, March), \emph{Teaching economics of electricity markets using a web-based model market game}
  Paper presented at 2018 ASEE Zone IV Conference, Boulder, Colorado.
  10.18260/1-2--29628

David Kenric Hammond and H. J. Corsair.  "Teaching economics of electricity markets using a web-based model market game".  2018 ASEE Zone IV Conference, Boulder, Colorado, 2018, March.  ASEE Conferences, 2018.  https://peer.asee.org/29628 Internet.  13 Dec, 2024

\bibitem{asee_peer_29628}
  David Kenric Hammond and H. J. Corsair.
  "Teaching economics of electricity markets using a web-based model market game".
  \emph{2018 ASEE Zone IV Conference, Boulder, Colorado, 2018, March}.
  ASEE Conferences, 2018.
  https://peer.asee.org/29628 Internet.  13 Dec, 2024

@INPROCEEDINGS{asee_peer_29628
author = "David Kenric Hammond and H. J. Corsair"
title = "Teaching economics of electricity markets using a web-based model market game"
booktitle = "2018 ASEE Zone IV Conference"
year = "2018"
month = "March"
address = "Boulder, Colorado"
publisher = "ASEE Conferences"
note = {https://peer.asee.org/29628}
number = {10.18260/1-2--29628}
}

TY  - CPAPER
AB  - Renewable Energy Engineering students at the Oregon Institute of
technology may take an elective course covering the economics of
electicity markets. In this paper we describe a simulated electricity
wholesale market activity developed by the authors, that allows
students to learn about market economics by controlling their own
fleet of power plants. We also share the experience of using the
market simulation in the classroom. 

The market game simulates a day-ahead electricity market, where
students submit bids (i.e. minimum prices seller is willing to accept)
for all of their generating capacity, sell their power at a market
clearing price, and then make a profit or loss. This is repeated for
several rounds, each corresponding to a simulated day of electricity
usage.  Simulated power plants have different fuel types, (coal,
nuclear, natural gas), as well as varying efficiencies. During bidding
students are given predictions for fuel prices and overall demand for
the next round, which they may use for determining their bids. The
students overall profit is maintained over successive bid rounds, and
forms the students "score" for the game.

This paper also describes a custom software web application (EMM-app)
developed by the authors for running the simulated market, which
allows students to play the market model through a web
browser. The EMM-app system greatly eases the instructor burden in
running the market activity.

This software was used to facilitate a class of students taking a
course in electricity markets to play the simulated market, with
students playing (submitting bids) weekly over the course of a 10-week
term. Student feedback regarding the market model game and the EMM-app
software were highly positive. An important question for us is whether
students are applying the theoretical coursework learned in class
towards their behavior in the market game. We analyze the behavior
of a cohort of students, in order to determine if we could observe
changes in bidding behavior as certain economic topics were covered
in the class.  Interestingly, we observe a subset of students whose
behavior changes when the topic of intentional market manipulation is
covered.
AU  - David Kenric Hammond
AU  - H. J. Corsair
CY  - Boulder, Colorado
DA  - 2018/03/25
PB  - ASEE Conferences
TI  - Teaching economics of electricity markets using a web-based model market game
UR  - https://peer.asee.org/29628
DO  - 10.18260/1-2--29628
ER  -