The method of experimental economics is applied to the research of oligopolistic electricity markets. The induced value principle， experimental scheme and procedure with an oligopolistic model of electricity markets are introduced. A set of experiments is conducted on the experimental oligopolistic markets with three GENCOs and the experimental results are analyzed with mathematical statistics approaches. The experimental results show that the market competition will converge to the results between perfect competition equilibrium and Nash equilibrium in oligopolistic electricity markets with asymmetric producer cost functions and repeated play among the producers. The decision support tools of GENCOs have significant influences on experimental results. The markets converge to static Cournot-Nash equilibrium when the bounded-rational subjects repeatedly play， equipped with such tools. The experimental results also show that the differences among selected subjects have no significant influences on the results and thus the experiments are replicable.