Methodological Approach for the Study and Representation of Complex Behaviors on Electricity Markets

Authors

DOI:

https://doi.org/10.17230/ingciencia.12.24.9

Keywords:

Complex behavior, system dynamics, Poincare maps, dynamical systems, energy markets, methodology, modeling and simulation

Abstract

In the this paper, we show a methodological summary to simulate and understand the complex behavior of energy market models. The goal of this work is to propose the business approach of system dynamics, with the dynamical systems and its mathematical point of view. Additionally we present two ways to perform sensitivity analysis on models based on system dynamics. The first one is numerical sensitivity analysis, and the second one is using Poincaré maps. Finally, we conclude that there is complementarity between the mathematical framework and the business applications for the market. This will allow us to achieve greater exploitation for our models.

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Author Biographies

  • Johnny Valencia-Calvo, Tecnológico de Antioquia
    Johnny Valencia received his degree in Electronics Engineering in 2010 and M.Sc. in Industrial Automation, from Universidad Nacional de Colombia, in 2012. He is a Ph.D. from Universidad Nacional de Colombia. His research experience has led him to become involved in topics related to dynamic analysis, nonlinear dynamics and system dynamics, focusing on modeling, simulation and applications of mathematics in engineering.
  • Carlos Jaime Franco-Cardona, Universidad Nacional de Colombia

    Carlos Jaime Franco got his Bachelor in Civil Engineering, and his Ph.D. in Engineering. His current research interests are modeling systems, energy markets, and complexity. He is a professor of Complex Systems at Universidad Nacional de Colombia. He also has experience in the electricity sector after working by ten years in ISA, a leading company in the wholesale Colombian Electricity Market. 

  • Gerard Olivar-Tost, Universidad Nacional de Colombia

    Gerard Olivar received his degree in Mathematics from University of Barcelona, Spain, in 1987; and his Ph.D. in Science - Mathematics from Technical University of Catalonia, Barcelona, Spain, in 1997. His research interests are in Engineering Mathematics and Applied Mathematics. 

  • Isaac Dyner, Universidad Jorge Tadeo Lozano

    Isaac Dyner got his Bachelor in Mathematics, his M.Sc. in Statistics and Operational Research and his Ph.D. in Decision Sciences, from University of London (LBS). He was associate professor at Universidad Nacional de Colombia in the areas of Operations Research, System Dynamics, Strategy, Regulation and Energy. 

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Published

2016-11-22

Issue

Vol. 12 No. 24 (2016)

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Articles

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How to Cite

Valencia-Calvo, J., Franco-Cardona, C. J., Olivar-Tost, G., & Dyner, I. (2016). Methodological Approach for the Study and Representation of Complex Behaviors on Electricity Markets. Ingeniería Y Ciencia, 12(24), 195-220. https://doi.org/10.17230/ingciencia.12.24.9

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