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Non-Smooth Dynamics in Energy Market Models: A Complex Approximation from System Dynamics and Dynamical Systems Approach

dc.creatorValencia-Calvo J.
dc.creatorOlivar-Tost G.
dc.creatorMorcillo-Bastidas J.D.
dc.creatorFranco-Cardona C.J.
dc.creatorDyner I.
dc.date2020
dc.date.accessioned2021-02-05T14:58:25Z
dc.date.available2021-02-05T14:58:25Z
dc.identifier.issn21693536
dc.identifier.urihttp://hdl.handle.net/11407/5985
dc.descriptionThis paper reports a general model that describes the supply and demand of electricity in a national market based on the system dynamics (SD) approach. From the resulting SD model, it derives piecewise smooth (non-smooth) differential equations from the nonlinear functions and feedback cycles of the corresponding stock-flow structure. Subsequently, the stability of the equilibrium points and non-smooth dynamics of the SD model are investigated using the dynamical systems theory. Filippov systems are found in the proposed SD model and non-smooth vector fields associated with generators investment decisions are accumulated. Under this combining methodology, the non-smooth dynamics of energy markets that are governed by the supply and demand laws are uncovered mathematically and deeply described. In fact, we extend our investigation results to any energy market model attached to various investment decisions, confirming the generalizability of our research. © 2013 IEEE.
dc.language.isoeng
dc.publisherInstitute of Electrical and Electronics Engineers Inc.
dc.relation.isversionofhttps://www.scopus.com/inward/record.uri?eid=2-s2.0-85089227718&doi=10.1109%2fACCESS.2020.3008709&partnerID=40&md5=24acf83a7e7d3ef175ef6cadea392957
dc.sourceIEEE Access
dc.subjectComplexityspa
dc.subjectdynamic systemsspa
dc.subjectenergy marketsspa
dc.subjectenergy policyspa
dc.subjectFillipov systemsspa
dc.subjectmodelingspa
dc.subjectnon-smooth dynamicspa
dc.subjectpower marketsspa
dc.subjectsimulationsspa
dc.subjectsystem dynamicsspa
dc.titleNon-Smooth Dynamics in Energy Market Models: A Complex Approximation from System Dynamics and Dynamical Systems Approach
dc.typeArticleeng
dc.rights.accessrightsinfo:eu-repo/semantics/restrictedAccess
dc.publisher.programIngeniería de Sistemasspa
dc.identifier.doi10.1109/ACCESS.2020.3008709
dc.subject.keywordDifferential equationseng
dc.subject.keywordDynamical systemseng
dc.subject.keywordNonlinear equationseng
dc.subject.keywordPower marketseng
dc.subject.keywordSystem theoryeng
dc.subject.keywordDynamical systems approacheng
dc.subject.keywordEnergy market modelingeng
dc.subject.keywordEquilibrium pointeng
dc.subject.keywordInvestment decisionseng
dc.subject.keywordNon-smooth dynamicseng
dc.subject.keywordNon-smooth vector fieldseng
dc.subject.keywordNonlinear functionseng
dc.subject.keywordSupply and demandeng
dc.subject.keywordInvestmentseng
dc.relation.citationvolume8
dc.relation.citationstartpage128877
dc.relation.citationendpage128896
dc.publisher.facultyFacultad de Ingenieríasspa
dc.affiliationValencia-Calvo, J., Universidad de Aysén, Aysén, Chile, Universidad de Medellín, Medellín, 050036, Colombia
dc.affiliationOlivar-Tost, G., Universidad de Aysén, Aysén, Chile, Universidad Nacional de Colombia, Manizales, 170003, Colombia
dc.affiliationMorcillo-Bastidas, J.D., Universidad de Monterrey, Monterrey, Mexico
dc.affiliationFranco-Cardona, C.J., Universidad Nacional de Colombia, Medellín, Colombia
dc.affiliationDyner, I., Fundación Universidad de Bogotá Jorge Tadeo Lozano, Bogota, Colombia
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