Before revision:  Our analysis characterizes the effects of market liquidity, market participants' forecasts about inter-area price spreads, transaction fees and interaction of CTS markets with financial transmission rights . Using real data, we empirically verify that CTS bidders can employ simple learning algorithms to discover Nash equilibria that support the conclusions drawn from the equilibrium analysis.
After revision:  Our analysis characterizes the effects of market liquidity, market participants' forecasts about inter-area price spreads, transaction fees and interaction of CTS markets with up-to-congestion virtual transactions . Using real data, we empirically verify that CTS bidders can employ simple learning algorithms to discover Nash equilibria that support the conclusions drawn from the equilibrium analysis.