Multi-agent based experimental analysis on bidding mechanism in electricity auction markets

► A multi-agent based experiment was constructed to compare and analyze the auction mechanisms in power market. ► The bid price and quantity of each generator is based on a reinforcement learning algorithm. ► In the equilibrium process, the market price in the PAB mechanism is lower. ► In the equilibrium state, the market price in the PAB mechanism is higher. ► The unconscious collusion behaviors are a key reason for producing generator market power.