MODELING STRATEGIC AND OPERATIONAL DECISION-MAKING – AN AGENT-BASED MODEL OF ELECTRICITY PRODUCERS

Essential steps in building agent-based models is t o conceptualize, quantitatively representing and impl e enting the behavior of agents. A formal approach is presen t d to model the behavior of consumers, institutions or co mpanies as rational decision-makers. Key element is a gener ic ontology for socio-technical systems and a framewor k f conceptualizing actors as agents with strategic, ta tic and operational behavior. The approach was used to repr es nt the behavior of electricity producers who must decide o n investments, day-to-day operations and deal with CO 2 emission-rights. This exercise amply demonstrates t h value of using a formal conceptual framework in the devel opment of agent-based models.