Methodological Approach for the Study and Representation of Complex Behaviors on Electricity Markets

In the this paper, we show a methodological summary to simulate and understand the complex behavior of energy market models. The goal of this work is to propose the business approach of system dynamics, with the dynamical systems and its mathematical point of view. Additionally we present two ways t...

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Autores:
Valencia-Calvo, Johnny
Franco-Cardona, Carlos Jaime
Olivar-Tost, Gerard
Dyner, Isaac
Tipo de recurso:
Fecha de publicación:
2016
Institución:
Universidad EAFIT
Repositorio:
Repositorio EAFIT
Idioma:
spa
OAI Identifier:
oai:repository.eafit.edu.co:10784/11298
Acceso en línea:
http://publicaciones.eafit.edu.co/index.php/ingciencia/article/view/3355
http://hdl.handle.net/10784/11298
Palabra clave:
Complex behavior
system dynamics
Poincare maps
dynamical systems
energy markets
methodology
modeling and simulation
Complejidad
sistemas dinámicos
mapas de Poincaré
dinámica de sistemas
mercados energéticos
metodología
modelado y simulación
Rights
License
Copyright (c) 2016 Ingeniería y Ciencia | ing.cienc.
Description
Summary:In the this paper, we show a methodological summary to simulate and understand the complex behavior of energy market models. The goal of this work is to propose the business approach of system dynamics, with the dynamical systems and its mathematical point of view. Additionally we present two ways to perform sensitivity analysis on models based on system dynamics. The first one is numerical sensitivity analysis, and the second one is using Poincaré maps. Finally, we conclude that there is complementarity between the mathematical framework and the business applications for the market. This will allow us to achieve greater exploitation for our models.