This paper describes the economic phenomenon of price spiking in electric power markets and introduces an alternative way to model it. A stochastic FitzHugh-Nagumo dynamics in a special regime is proposed as a basic model for the power market, and an extension of the FitzHugh-Nagumo system is introduced to improve the statistical features of the basic model. Ideas from stochastic and coherence resonance are used to discuss the models.
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Titolo: | Resonating models for the electric power market |
Autori: | |
Data di pubblicazione: | 2007 |
Rivista: | |
Abstract: | This paper describes the economic phenomenon of price spiking in electric power markets and introduces an alternative way to model it. A stochastic FitzHugh-Nagumo dynamics in a special regime is proposed as a basic model for the power market, and an extension of the FitzHugh-Nagumo system is introduced to improve the statistical features of the basic model. Ideas from stochastic and coherence resonance are used to discuss the models. |
Handle: | http://hdl.handle.net/11581/201206 |
Appare nelle tipologie: | Articolo |
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