Journal
ENERGY
Volume 134, Issue -, Pages 984-990Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.energy.2017.06.056
Keywords
Uncertainty; Stochastic equilibrium; Monte Carlo; Energy modeling
Categories
Funding
- Research Council of Norway
- RENERGI program under the Research Council of Norway
- ENERGIX program under the Research Council of Norway
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The energy markets are characterized by many agents simultaneously solving decision problems under uncertainty. It is argued that Monte Carlo simulations are not an adequate way to assess behavioral uncertainty; one should rather rely on stochastic modelling. Drawing on economics, decision theory and operations research, a simple guide on how to transform a deterministic energy market equilibrium model - where several agents simultaneously make decisions - into a stochastic equilibrium model is offered. With our approach, no programming of a stochastic solution algorithm is required. (C) 2017 Published by Elsevier Ltd.
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