Tao Zhang, William Nuttall
Evaluating Government’s Policies on Promoting Smart Metering in Retail Electricity Markets via Agent Based Simulation
Also published in:
- Zhang, T. and Nuttall, W. J. (2011), Evaluating Government’s Policies on Promoting Smart Metering Diffusion in Retail Electricity Markets via Agent-Based Simulation. Journal of Product Innovation Management, 28: 169–186. doi: 10.1111/j.1540-5885.2011.00790.
Abstract: 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 options and suggest their policy implications. The context of the paper is a practical application of agent-based simulation to the retail electricity market in Britain. The contribution of the research are both in the areas of policy making for electricity markets and in the methodological use of agent-based simulation for studying social complex systems involving human behaviour.
Keywords: agent-based simulation, smart metering technology, the Theory of Planned Behaviour, retail electricity market