Nonlinear Sciences – Adaptation and Self-Organizing Systems
Scientific paper
2003-01-23
Nonlinear Sciences
Adaptation and Self-Organizing Systems
Submission to ECOS 2003 Conference, Copenhagen, Denmark, July 2003. 10 pages, 14 figures, 4 tables
Scientific paper
Statistical mechanics provides a useful analog for understanding the behavior of complex adaptive systems, including power markets and the power systems they intend to govern. Transaction-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 an emergent optimal control. We outline a model based on strict analogies to thermodynamic quantities. The model accurately describes power market data collected from three North American independent system operators (ISO) in recent years. The ISO data is analyzed, comparing the behavioral similarities and differences that are observed.
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