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In this paper, we develop an agent-based model of a market game in order to evaluate the effectiveness of the U.K. government's 2008–2010 policy on promoting smart metering in the U.K. retail electricity market. We break down the policy into four possible policy options. With the model, we study the impact of the four policy options on the dynamics of smart(More)
The risks and returns associated with different choices of electricity generation technology cannot properly be considered in isolation. The paper considers their impact on an investing company, using Mean-Variance Portfolio (MVP) theory to identify optimal generation portfolios in liberalised electricity markets characterised by fuel, CO 2 , and(More)
Based on the classic behavioural theory " the Theory of Planned Behaviour " , we develop an agent-based model to simulate the diffusion of smart metering technology in the electricity market. We simulate the emergent adoption of smart metering technology under different management strategies and economic regulations. Our research results show that in terms(More)
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(More)
CWPE 0555 and EPRG 09 These working papers present preliminary research findings, and you are advised to cite with caution unless you first contact the author regarding possible amendments. Abstract High fossil fuel prices have rekindled interest in nuclear power. This paper identifies specific nuclear characteristics making it unattractive to merchant(More)
The need for policy makers to understand science and for scientists to understand policy processes is widely recognised. However, the science-policy relationship is sometimes difficult and occasionally dysfunctional; it is also increasingly visible, because it must deal with contentious issues, or itself becomes a matter of public controversy, or both. We(More)
Concerns about climate change, security of supply, and depleting fossil fuel reserves have spurred a revival of interest in nuclear power generation in Europe and North America, while other regions continue or initiate an expansion. We suggest that the first stage of this process will include replacing or extending the life of existing nuclear power plants,(More)
Designers and managers of new investments in engineering systems look for ways to add value to their programs. One fundamental way to do this is by taking advantage of uncertainty. Although uncertainty is usually seen as negative in most investment projects, it can also increase performance if flexibility is incorporated into the system to capture upside(More)