Statistical Mechanics: A Possible Model for Market-based Electric Power Control
Adaptation and Self-Organizing Systems
2007-05-23 v2
Abstract
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.
Cite
@article{arxiv.nlin/0306046,
title = {Statistical Mechanics: A Possible Model for Market-based Electric Power Control},
author = {David P. Chassin},
journal= {arXiv preprint arXiv:nlin/0306046},
year = {2007}
}
Comments
Accepted paper for Complex Systems track of 37th Hawaii International Conference on System Sciences, January 2004. 10 pages, 2 figures, 1 table