Just Starting Out: Learning and Equilibrium in a New Market
研究了英国电力系统频率响应新市场六年的演变，发现价格随时间稳定并收敛到均衡点，并利用虚拟博弈和适应性学习模型分析了收敛过程。
We document the evolution of the new market for frequency response within the UK electricity system over a six-year period. Firms competed in price while facing considerable initial uncertainty about demand and rival behavior. We show that prices stabilized over time, converging to a rest point that is consistent with equilibrium play. We draw on models of fictitious play and adaptive learning to analyze how this convergence occurs and show that these models predict behavior better than an equilibrium model prior to convergence.