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Constructing Electricity Market Models
- Publication Year :
- 2024
-
Abstract
- This working paper presents a comprehensive study on the development and analysis of various electricity market models, focusing on continuous, discrete, and fractional-order approaches. The continuous model captures the ongoing interactions between power producers and consumers using differential equations, providing insights into long-term trends and steady-state behaviors. The discrete model, suitable for analyzing scenarios where market events occur at specific time intervals, incorporates memory effects to account for historical behaviors and decisions, offering a realistic representation of short-term market dynamics. The fractional-order model introduces fractional calculus to capture memory effects and hereditary properties, enhancing the model's realism and predictive capability by reflecting the influence of past states on current market behavior.
- Subjects :
- Mathematics - Optimization and Control
Subjects
Details
- Database :
- arXiv
- Publication Type :
- Report
- Accession number :
- edsarx.2407.18484
- Document Type :
- Working Paper