Resonating models for the electric power market.
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.
Lucheroni
Carlo
C
Dipartimento di Matematica e Informatica, Università di Camerino, via Madonna delle Carceri 9, 62032 Camerino (MC), Italy. carlo.lucheroni@unicam.it