Stochastic energy market equilibrium modeling with multiple agents
| Autor: | Michal Kaut, Stein W. Wallace, Rolf Golombek, Sverre A.C. Kittelsen, Kjell Arne Brekke |
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| Jazyk: | angličtina |
| Rok vydání: | 2017 |
| Předmět: |
Mathematical optimization
Continuous-time stochastic process Stochastic modelling 020209 energy Mechanical Engineering Decision theory 05 social sciences Monte Carlo method 02 engineering and technology Building and Construction Decision problem Pollution Industrial and Manufacturing Engineering General Energy 0502 economics and business 0202 electrical engineering electronic engineering information engineering Economics Energy market Stochastic optimization 050207 economics Electrical and Electronic Engineering Mathematical economics Energy (signal processing) Civil and Structural Engineering |
| Zdroj: | Energy |
| Popis: | The energy markets are characterized by many agents simultaneously solving decision problems under uncertainty. It is argued that Monte Carlo simulations are not an adequate way to assess behavioral uncertainty; one should rather rely on stochastic modelling. Drawing on economics, decision theory and operations research, a simple guide on how to transform a deterministic energy market equilibrium model - where several agents simultaneously make decisions - into a stochastic equilibrium model is offered. With our approach, no programming of a stochastic solution algorithm is required. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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