Nonlinear Sciences – Adaptation and Self-Organizing Systems
Scientific paper
2003-06-24
Nonlinear Sciences
Adaptation and Self-Organizing Systems
Accepted paper for Complex Systems track of 37th Hawaii International Conference on System Sciences, January 2004. 10 pages, 2
Scientific paper
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.
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