Statistical Mechanics: A Possible Model for Market-based Electric Power Control

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dc.creatorChassin, David P.
dc.date2003-06-24
dc.date2003-09-30
dc.date.accessioned2026-07-07T05:34:49Z
dc.date.available2026-07-07T05:34:49Z
dc.descriptionStatistical 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.
dc.descriptionAccepted paper for Complex Systems track of 37th Hawaii International Conference on System Sciences, January 2004. 10 pages, 2 figures, 1 table
dc.identifierhttps://arxiv.org/abs/nlin/0306046
dc.identifierhttp://arxiv.org/abs/nlin/0306046
dc.identifier.urihttp://salesiana.dossiersoluciones.com/handle/123456789/80513
dc.subjectAdaptation and Self-Organizing Systems
dc.titleStatistical Mechanics: A Possible Model for Market-based Electric Power Control
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