Statistical mechanics: a possible model for market-based electric power control

Author

Chassin, David P.

Author_Institution

Pacific Northwest Nat. Lab., Richland, WA, USA

fYear

2004

fDate

5-8 Jan. 2004

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.

Keywords

adaptive systems; large-scale systems; optimal control; power system control; power system economics; statistical mechanics; complex adaptive systems; electric power markets; emergent optimal system control; market-based electric power control; market-based system dynamics; price-mediated strategy; statistical mechanics; Adaptive control; Adaptive systems; Central Processing Unit; Control systems; Optimal control; Power system control; Power system modeling; Programmable control; Resource management; Robust control;

fLanguage

English

Publisher

ieee

Conference_Titel

System Sciences, 2004. Proceedings of the 37th Annual Hawaii International Conference on

Print_ISBN

0-7695-2056-1

Type

conf

DOI

10.1109/HICSS.2004.1265165

Filename

1265165