Nonlinear Sciences > Adaptation and Self-Organizing Systems
[Submitted on 24 Jun 2003 (v1), last revised 30 Sep 2003 (this version, v2)]
Title:Statistical Mechanics: A Possible Model for Market-based Electric Power Control
View PDFAbstract: Statistical mechanics provides a useful analog for understanding the behavior of complex adaptive systems, including electric power markets and the power systems they intend to govern. Market-based control is founded on the conjecture that the regulation of complex systems based on price-mediated strategies (e.g., auctions, markets) results in an optimal allocation of resources and emergent optimal system control. This paper discusses the derivation and some illustrative applications of a first-principles model of market-based system dynamics based on strict analogies to statistical mechanics.
Submission history
From: David P. Chassin [view email][v1] Tue, 24 Jun 2003 17:01:55 UTC (91 KB)
[v2] Tue, 30 Sep 2003 16:41:38 UTC (245 KB)
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