The overall aim of this proposal is to develop, test and disseminate an agent-based computational laboratory for the systematic experimental study of the global energy system through the mechanism of Energy Scenarios. In particular, our intention is to show how Agent-based Computational Economics (ACE) can be applied to help leaders in government, business and civil society better understand the challenging outlook for energy through controlled computational experiments.
The Centre for International Business and Sustainability (CIBS) at London Metropolitan Business School (LMBS) and the Statistics, Operational Research and Mathematics Research Centre (STORM) are embarking on a major modelling exercise to support long-term UK policy analysis such as energy security and climate change. In particular the ACEGES laboratory will address the following questions:
- How will prices affect the ratio of technically recoverable/economically extractable oil and gas reserves?
- At what rate over time can the oil and gas from geographically dispersed nations be supplied to the marketplace?
- How will country-level population, welfare and technological innovation affect primary-energy demand?
- What is the environmental impact of different energy policies