Leigh S. Tesfatsion
Professor
Contact Information
Iowa State University375 Heady Hall
Ames, IA 50011
(515) 294-0138
tesfatsi@iastate.edu
Personal Website
Education
- Ph.D., Economics, University of Minnesota, Mpls, MN, 1975
- B.A., History, Carleton College, Northfield, MN, 1968
Research Interests
Agent-based computational economics, electric power markets, market coordination and learning, macroeconomics, economic theory.
Selected Publications
- Li, Hongyan; Tesfatsion, Leigh, Co-Learning Patterns As Emergent Market Phenomena: An Electricity Market Illustration, Journal of Economic Behavior and Organization Vol. 82 no. 2-3 (May 2012): 395-419. (WP #10042, December 2010 Revised on June 2011)
- Li, Hongyan; Tesfatsion, Leigh, ISO Net Surplus Collection and Allocation in Wholesale Power Markets Under Locational Marginal Pricing, IEEE Transactions on Power Systems Vol. 26 no. 2 (May 2011): 627-641.
- Borrill, Paul L.; Tesfatsion, Leigh, Agent-Based Modeling: The Right Mathematics for the Social Sciences?, Elgar Companion to Recent Economic Methodology , Ch. 11, Edward Elgar Publishers, New York, NY, (2011): 228-258. (WP #10023, July 2010 Revised on June 2011)
- Tesfatsion, Leigh, Agent-Based Computational Economics: A Constructive Approach to Economic Theory, Handbook of Computational Economics, Vol. 2: Agent-Based Computational Economics, North-Holland/Elsevier, Amsterdam, the Netherlands, (2006)
Awards and Honors
- Keynote Address, International Economic Science Association (IESA) Conference, Arlington, VA, June 2009.
- Plenary Address, 12th International Conference on Computing in Economics and Finance, Society for Computational Economics (SCE), Cyprus, July 22-24, 2006.
- Member, NRC 12-Member Task Force on Societal Modeling, National Academies of Science, March 2005 - March 2008.
Other Affiliations
- Faculty Member, ISU Human-Computer Interaction (HCI) Graduate Program
- Professor of Mathematics (Courtesy Appointment)
- Professor of Electrical and Computer Engineering (Courtesy Appointment)
ISU Economics Working Papers Series
- Tesfatsion, Leigh; Aliprantis, Dionysios, Reformulation of U.S. Day-Ahead Wholesale Power Markets for Improved Intertermporal Operations, WP #12012, June 2012 Revised on April 2013
- Li, Hongyan; Tesfatsion, Leigh, Co-Learning Patterns As Emergent Market Phenomena: An Electricity Market Illustration, Journal of Economic Behavior and Organization Vol. 82 no. 2-3 (May 2012): 395-419. (WP #10042, December 2010 Revised on June 2011)
- Yu, Nanpeng; Tesfatsion, Leigh; Liu, Chen-Ching, Financial Bilateral Contract Negotiation in Wholesale Electric Power Markets Using Nash Bargaining Theory, IEEE Transactions on Power Systems Vol. 27 no. 1 (February 2012): 251-267. (WP #10032, September 2010)
- Zhou, Qun; Tesfatsion, Leigh; Liu, Chen-Ching, Short-Term Congestion Forecasting in Wholesale Power Markets, IEEE Transactions on Power Systems Vol. 26 no. 4 (November 2011): 2185-2196. (WP #10025, July 2010 Revised on January 2011)
- Borrill, Paul L.; Tesfatsion, Leigh, Agent-Based Modeling: The Right Mathematics for the Social Sciences?, Elgar Companion to Recent Economic Methodology , Ch. 11, Edward Elgar Publishers, New York, NY, (2011): 228-258. (WP #10023, July 2010 Revised on June 2011)
- Li, Hongyan; Sun, Junjie; Tesfatsion, Leigh, Testing Institutional Arrangements Via Agent-Based Modeling: A U.S. Electricity Market Example, Computational Methods in Economic Dynamics, Springer-Verlag, Berlin Heidelberg, Vol. 13 (2011): 135-158. (WP #10001, January 2010 Revised on February 2010)
- Li, Hongyan; Sun, Junjie; Tesfatsion, Leigh S., Separation and Volatility of Locational Marginal Prices in Restructured Wholesale Power Markets, WP #09009, June 2009
- Sun, Junjie; Tesfatsion, Leigh S., Dynamic Testing of Wholesale Power Market Designs: An Open-Source Agent-Based Framework, Computational Economics Vol. 30 no. 3 (October 1 2007): 291-327. (WP #06025, July 2006)
- Sun, Junjie; Tesfatsion, Leigh, DC Optimal Power Flow Formulation and Solution Using QuadProgJ, WP #06014, March 2006 Revised on March 2010
- Tesfatsion, Leigh, Agent-Based Computational Modeling And Macroeconomics, Post Walrasian Macroeconomics: Beyond the Dynamic Stochastic General Equilibrium Model, Cambridge, UK, (Spring 2006) (WP #05023, April 2006)
Journal Articles
- Li, Hongyan; Tesfatsion, Leigh, Co-Learning Patterns As Emergent Market Phenomena: An Electricity Market Illustration, Journal of Economic Behavior and Organization Vol. 82 no. 2-3 (May 2012): 395-419. (WP #10042, December 2010 Revised on June 2011)
- Yu, Nanpeng; Tesfatsion, Leigh; Liu, Chen-Ching, Financial Bilateral Contract Negotiation in Wholesale Electric Power Markets Using Nash Bargaining Theory, IEEE Transactions on Power Systems Vol. 27 no. 1 (February 2012): 251-267. (WP #10032, September 2010)
- Zhou, Qun; Tesfatsion, Leigh; Liu, Chen-Ching, Short-Term Congestion Forecasting in Wholesale Power Markets, IEEE Transactions on Power Systems Vol. 26 no. 4 (November 2011): 2185-2196. (WP #10025, July 2010 Revised on January 2011)
- Li, Hongyan; Tesfatsion, Leigh, ISO Net Surplus Collection and Allocation in Wholesale Power Markets Under Locational Marginal Pricing, IEEE Transactions on Power Systems Vol. 26 no. 2 (May 2011): 627-641.
- Tesfatsion, Leigh, Agent-Based Modeling and Institutional Design, Eastern Economic Journal Vol. 37 (2011): 13-19.
- Li, Hongyan; Tesfatsion, Leigh S., Development of Open Source Software for Power Market Research: The AMES Test Bed, Journal of Energy Markets Vol. 2 no. 2 (Summer 2009): 111-128.
- Liu, Haifeng; Tesfatsion, Leigh S.; Chowdhury, A.A., Derivation of Locational Marginal Prices for Restructured Wholesale Power Markets, Journal of Energy Markets Vol. 2 no. 1 (2009): 3-27.
- Somani, Abhishek; Tesfatsion, Leigh S., An Agent-Based Test Bed Study of Wholesale Power Market Performance Measures, IEEE Computational Intelligence Magazine Vol. 3 no. 4 (November 2008): 56-72.
- LeBaron, Blake; Tesfatsion, Leigh S., Modeling Macroeconomies As Open-Ended Dynamic Systems of Interacting Agents, American Economic Review Vol. 98 no. 2 (2008): 246-250.
- Sun, Junjie; Tesfatsion, Leigh S., Dynamic Testing of Wholesale Power Market Designs: An Open-Source Agent-Based Framework, Computational Economics Vol. 30 no. 3 (October 1 2007): 291-327. (WP #06025, July 2006)
- Tesfatsion, Leigh S., Agents Come to Bits: Towards a Constructive Comprehensive Taxonomy of Economic Entities, Journal of Economic Behavior and Organization Vol. 63 (2007): 333-346.
- Yu, Nanpeng; Liu, Chen-Ching; Tesfatsion, Leigh S., Modeling of Suppliers Learning Behaviors in an Electricity Market Environment, International Journal of Engineering Intelligent Systems Vol. 15 no. 2 (2007): 115-121.
- Tesfatsion, Leigh S., Agent-Based Computational Economics: Modeling Economies As Complex Adaptive Systems, Information Sciences Vol. 149 (2003): 263-269.
- Tesfatsion, Leigh S., Agent-Based Computational Economics: Growing Economies from the Bottom Up, Artificial Life Vol. 8 no. 1 (2002): 55-82.
- Tesfatsion, Leigh S., Economic Agents and Markets As Emergent Phenomena, Proceedings of the National Academy of Sciences U.S.A. Vol. 99 no. 3 (2002): 7191-7192.
- Tesfatsion, Leigh S., Guest Editorial: Agent-Based Modeling of Evolutionary Economic Systems, IEEE Transactions on Evolutionary Computation Vol. 5 no. 5 (October 2001): 437-441.
- McFadzean, David; Stewart, Deron; Tesfatsion, Leigh S., A Computational Laboratory for Evolutionary Trade Networks, IEEE Transactions on Evolutionary Computation Vol. 5 no. 5 (October 2001): 546-560.
- Nicolaisen, James; Petrov, Valentin; Tesfatsion, Leigh S., Market Power and Efficiency in a Computational Electricity Market with Discriminatory Double-Auction Pricing, IEEE Transactions on Evolutionary Computation Vol. 5 no. 5 (October 2001): 504-523.
- Tesfatsion, Leigh S., Introduction to the Special Issue on Agent-Based Computational Economics, Computational Economics Vol. 18 no. 1 (August 2001)
- Tesfatsion, Leigh S., Structure, Behavior, and Market Power in an Evolutionary Labor Market with Adaptive Search, Journal of Economic Dynamics and Control Vol. 25 no. Nos. 3-4 (March 2001): 419-457.
- Tesfatsion, Leigh S., Introduction to the Special Issue on Agent-Based Computational Economics, Journal of Economic Dynamics and Control Vol. 25 no. 3-4 (March 2001): 281-293.
- McFadzean, David; Tesfatsion, Leigh S., A C++ Platform for the Evolution of Trade Networks, Computational Economics Vol. 14 (1999): 109-134.
- Pingle, Mark; Tesfatsion, Leigh S., Active Intermediation in Overlapping Generations Economies with Production and Unsecured Debt, Macroeconomic Dynamics Vol. 2 (1998): 183-212.
- Pingle, Mark; Tesfatsion, Leigh S., Active Intermediation in a Monetary Overlapping Generations Economy, Journal of Economic Dynamics and Control Vol. 22 (1998): 1543-1574.
- Pingle, M.; Tesfatsion, Leigh S., Active Intermediation in an Monetary Overlapping Generations Economy, Journal of Economic Dynamics and Control Vol. 22 (1998): 1533-1574.
- Pingle, M.; Tesfatsion, Leigh S., Active Intermediation in Overlapping Generations Economies with Production and Unsecured Debt, Macroeconomic Dynamics Vol. 2 (1998): 183-212.
- Orazem, Peter; Tesfatsion, Leigh S., Macrodynamic Implications of Income Transfer Policies for Human Capital Investment and School Effort, Journal of Economic Growth Vol. 2 (November 1997): 305-329.
- Kalaba, Robert E.; Tesfatsion, Leigh S., A Multicriteria Approach to Model Specification and Estimation, Computational Statistics and Data Analysis Vol. 21 (1996): 193-214.
- Ashlock, Daniel; Smucker, Mark D.; Stanley, E. Ann; Tesfatsion, Leigh S., Preferential Partner Selection in an Evolutionary Study of Prisoner's Dilemma, BioSystems Vol. 37 (1996): 99-125.
- Kalaba, Robert E.; Lichtenstein, Z.; Simchony, T.; Tesfatsion, Leigh S., Linear and Nonlinear Associative Memories for Parameter Estimation, Information Sciences Vol. 61 (April 1992): 45-66.
- Tesfatsion, Leigh S., Nonlocal Automated Comparative Static Analysis, Computer Science in Economics and Management No. 5 (1992): 313-331.
- Kalaba, Robert E.; Tesfatsion, Leigh S., Obtaining Initial Parameter Estimates for Nonlinear Systems Using Multicriteria Associative Memories, Computer Science in Economics and Management Vol. 4 no. 4 (November 1991): 237-259.
- Pingle, M.; Tesfatsion, Leigh S., Overlapping Generations, Intermediation, and the First Welfare Theorem, Journal of Economic Behavior and Organization Vol. 15 (November 1991): 325-345.
- Tesfatsion, Leigh S., Work by Robert Kalaba on Automated Sensitivity Analysis, Applied Mathematics and Computation Vol. 45 no. 2 (September 1991): 121-131.
- Tesfatsion, Leigh S., Work by Robert Kalaba on Multicriteria Estimation, Applied Mathematics and Computation Vol. 45 no. 2 (September 1991): 159-171.
- Kalaba, Robert E.; Tesfatsion, Leigh S., A Unified Approach to Dynamic Estimation, Information Sciences Vol. 57-58 (September 1991): 159-171.
- Kalaba, Robert E.; Tesfatsion, Leigh S., Solving Nonlinear Equations By Adaptive Homotopy Continuation, Applied Mathematics and Computation Vol. 41 no. 2: Part II (January 1991): 99-115.
- Kalaba, Robert E.; Tesfatsion, Leigh S., An Organizing Principle for Dynamic Estimation, Journal of Optimization Theory and Applications Vol. 64 no. 3 (March 1990): 445-470.
- Tesfatsion, Leigh S.; Veitch, J., U.S. Money Demand Instability: A Flexible Least Squares Approach, Journal of Economic Dynamics and Control Vol. 14 no. 1 (February 1990): 151-173.
- Kalaba, Robert E.; Tesfatsion, Leigh S., A Further Note on Flexible Least Squares and Kalman Filtering, Journal of Economic Dynamics and Control Vol. 14 no. 1 (February 1990): 183-185.
- Kalaba, Robert E.; Tesfatsion, Leigh S., Flexible Least Squares for Approximately Linear Systems, IEEE Transactions on Systems, Man, and Cybernetics Vol. 20 no. 5 (1990): 978-989.
- Kalaba, Robert E.; Tesfatsion, Leigh S., Nonlocal Automated Sensitivity Analysis, Computers and Mathematics With Applications Vol. 20 (1990): 53-65.
- Kalaba, Robert E.; Rasakhoo, N.; Tesfatsion, Leigh S., A Fortran Program for Time-Varying Linear Regression Via Flexible Least Squares, Computational Statistics and Data Analysis Vol. 7 no. 3 (February 1989): 291-309.
- Kalaba, Robert E.; Tesfatsion, Leigh S., Time-Varying Linear Regression Via Flexible Least Squares, Computers and Mathematics With Applications Vol. 17 no. 08/09/09 (1989): 1215-1245.
- Kalaba, Robert E.; Tesfatsion, Leigh S., Sequential Nonlinear Estimation With Nonaugmented Priors, Journal of Optimization Theory and Applications Vol. 60 no. 3 (1989): 421-438.
- Kalaba, Robert E.; Tesfatsion, Leigh S., The Flexible Least Squares Approach to Time-Varying Linear Regression, Journal of Economic Dynamics and Control Vol. 12 no. 1 (March 1988): 43-48.
- Kalaba, Robert E.; Tesfatsion, Leigh S., Exact Sequential Filtering, Smoothing, and Prediction for Nonlinear Systems, Nonlinear Analysis Vol. 12 (1988): 599-615.
- Kalaba, Robert E.; Marsh, D.; Tesfatsion, Leigh S.; Wexler, A., An Invariant Imbedding Solution for General Linear Two-Point Boundary Value Problems, Applied Mathematics and Computation Vol. 26 (1988): 237-244.
- Kalaba, Robert E.; Plum, Thomas; Tesfatsion, Leigh S., Automation of Nested Matrix and Derivative Operations, Applied Mathematics and Computation Vol. 23 (1987): 243-268.
- Kalaba, Robert E.; Tesfatsion, Leigh S., Nonlocal Sensitivity Analysis, Automatic Derivative Evaluation and Sequential Nonlinear Estimation, Computational Statistics and Data Analysis Vol. 4 (July 1986): 79-90.
- Tesfatsion, Leigh S., Time Inconsistency of Benevolent Government Economies, Journal of Public Economics Vol. 31 (1986): 25-52.
- Kalaba, Robert E.; Tesfatsion, Leigh S., Automatic Differentiation of Functions of Derivatives, Computers and Mathematics With Applications Vol. 12A (1986): 1091-1103.
- Tesfatsion, Leigh S., Fair Division With Uncertain Needs and Tastes, Social Choice and Welfare Vol. 2 (1985): 295-309.
- Tesfatsion, Leigh S., Welfare Implications of Net Social Security Wealth, Journal of Public Economics Vol. 24 (1984)
- Tesfatsion, Leigh S., Games, Goals, and Bounded Rationality, Theory and Decision Vol. 17 (1984): 149-175.
- Tesfatsion, Leigh S., Pure Strategy Nash Equilibrium Points and the Lefschetz Fixed Point Theorem, International Journal of Game Theory Vol. 12 (1983): 181-191.
- Kalaba, Robert E.; Tesfatsion, Leigh S.; Wang, J.-L., A Finite Algorithm for the Exact Evaluation of Higher-Order Partial Derivatives of Functions of Many Variables, Journal of Mathematical Analysis and Applications Vol. 92 (1983): 552-563.
- Tesfatsion, Leigh S., Macro Implications of Government Redistributive Tax-Transfer Policies, Journal of Public Economics Vol. 19 (1982): 139-169.
- Tesfatsion, Leigh S., A Dual Approach to Bayesian Inference and Adaptive Control, Theory and Decision Vol. 14 (1982): 177-194.
- Kalaba, Robert E.; Spingarn, K.; Tesfatsion, Leigh S., A Stability Theorem for Symmetrically Rational Counterplanning, Journal of Optimization Theory and Applications Vol. 37 (1982): 379-385.
- Tesfatsion, Leigh S., Dynamic Investment, Risk Aversion, and Foresight Sensitivity, Journal of Economic Dynamics and Control Vol. 3 (1981): 65-96.
- Kalaba, Robert E.; Spingarn, K.; Tesfatsion, Leigh S., A Sequential Method for Nonlinear Filtering: Numerical Implementation and Comparisons, Journal of Optimization Theory and Applications Vol. 34 (1981): 541-559.
- Kalaba, Robert E.; Tesfatsion, Leigh S., Exact Sequential Solutions for a Class of Discrete-Time Nonlinear Estimation Problems, IEEE Transactions on Automatic Control Vol. AC-26 (1981): 1144-1149.
- Kalaba, Robert E.; Spingarn, K.; Tesfatsion, Leigh S., Individual Tracking of an Eigenvalue and Eigenvector of a Parameterized Matrix, Nonlinear Analysis Vol. 5 (1981): 337-340.
- Kalaba, Robert E.; Spingarn, K.; Tesfatsion, Leigh S., Variational Equations for the Eigenvalues and Eigenvectors of Nonsymmetric Matrices, Journal of Optimization Theory and Applications Vol. 33 (1981)
- Kalaba, Robert E.; Tesfatsion, Leigh S.; Wang, J.-L., Local and Nonlocal Comparative Static Analysis of Economic Systems, Applied Mathematics and Computation Vol. 9 (1981): 227-234.
- Kalaba, Robert E.; Tesfatsion, Leigh S., Complete Comparative Static Differential Equations, Nonlinear Analysis Vol. 5 (1981): 821-833.
- Tesfatsion, Leigh S., Global and Approximate Global Optimality of Myopic Economic Decisions, Journal of Economic Dynamics and Control Vol. 2 (1980): 135-161.
- Tesfatsion, Leigh S., A Conditional Expected Utility Model for Myopic Decision Makers, Theory and Decision Vol. 12 (1980): 185-206.
- Tesfatsion, Leigh S., C^3 Modelling With Symmetrical Rationality, Applied Mathematics and Computation Vol. 6 (1980): 51-61.
- Kalaba, Robert E.; Tesfatsion, Leigh S., A Least-Squares Model Specification Test for a Class of Dynamic Nonlinear Economic Models With Systematically Varying Parameters, Journal of Optimization Theory and Applications Vol. 32 (1980): 538-567.
- Kalaba, Robert E.; Spingarn, K.; Tesfatsion, Leigh S., A New Differential Equation Method for Finding the Perron Root of a Positive Matrix, Applied Mathematics and Computation Vol. 7 (1980): 187-193.
Quick Links
- Job Market Candidates
- Seminar Schedule
- Computer Resources
-
Course Schedules
