Tradable green certificate (TGC) scheme promotes the development of renewable energy industry which currently has a dual effect on economy and environment. TGC market efficiency is reflected in stimulating renewable energy investment, but may be reduced by the herding behavior of market players. This paper proposes and simulates an artificial TGC market model which contains heterogeneous agents, communication structure, and regulatory rules to explore the characteristics of herding behavior and its effects on market efficiency. The results show that the evolution of herding behavior reduces information asymmetry and improves market efficiency, especially when the borrowing is allowed. In addition, the fundamental strategy is diffused by herding evolution, but TGC market efficiency may be remarkably reduced by herding with borrowing mechanism. Moreover, the herding behavior may evolve to an equilibrium where the revenue of market players is comparable, thus the fairness in TGC market is improved.

可交易绿色证书（TGC）计划促进了目前对经济和环境具有双重影响的可再生能源产业的发展。TGC 市场效率体现在刺激可再生能源投资上，但可能会因市场参与者的羊群行为而降低。本文提出并模拟了一个包含异构代理、通信结构和监管规则的人工 TGC 市场模型，以探索羊群行为的特征及其对市场效率的影响。结果表明，从众行为的演变减少了信息不对称，提高了市场效率，尤其是在允许借贷的情况下。此外，基本策略通过羊群进化扩散，但TGC市场效率可能会因借贷机制羊群而显着降低。