Fractional-Order Dynamical Model for Electricity Markets
| dc.contributor.author | Kerci, Taulant | |
| dc.contributor.author | Baleanu, Dumitru | |
| dc.contributor.author | Milano, Federico | |
| dc.contributor.author | Dassios, Ioannis | |
| dc.date.accessioned | 2022-05-11T10:07:34Z | |
| dc.date.accessioned | 2025-09-18T12:04:44Z | |
| dc.date.available | 2022-05-11T10:07:34Z | |
| dc.date.available | 2025-09-18T12:04:44Z | |
| dc.date.issued | 2023 | |
| dc.description | Kerci, Taulant/0000-0003-4748-3399 | en_US |
| dc.description.abstract | In this article, we use a generalized system of differential equations of fractional-order to incorporate memory into an electricity market model. By using this idea, essential information from the past, such as the behavior of market participants, namely, suppliers and consumers, can be used and have impact on future decisions. We construct the fractional-order dynamical model, study its solutions, and provide closed formulas of solutions. Finally, we provide an application by using the proposed formula of solutions as well as a numerical example which also compares the proposed model with a conventional, integer-order electricity market model. Results indicate that the inclusion of memory leads market participants to adopt a conservative behavior. | en_US |
| dc.description.sponsorship | Science Foundation Ireland [SFI/15/SPP/E3125, SFI/15/IA/3074] | en_US |
| dc.description.sponsorship | This work was supported by Science Foundation Ireland, by funding T. Kerci and F. Milano under project ESIPP, Grant No. SFI/15/SPP/E3125, and I. Dassios and F. Milano under project AMPSAS, Grant No. SFI/15/IA/3074. Open access funding provided by IReL. | en_US |
| dc.identifier.citation | Dassios, Ioannis...et al. (2021). "Fractional-order dynamical model for electricity markets", Mathematical Methods in the Applied Sciences. | en_US |
| dc.identifier.doi | 10.1002/mma.7892 | |
| dc.identifier.issn | 0170-4214 | |
| dc.identifier.issn | 1099-1476 | |
| dc.identifier.scopus | 2-s2.0-85119625790 | |
| dc.identifier.uri | https://doi.org/10.1002/mma.7892 | |
| dc.identifier.uri | https://hdl.handle.net/20.500.12416/10432 | |
| dc.language.iso | en | en_US |
| dc.publisher | Wiley | en_US |
| dc.relation.ispartof | Mathematical Methods in the Applied Sciences | |
| dc.rights | info:eu-repo/semantics/openAccess | en_US |
| dc.subject | Caputo | en_US |
| dc.subject | Electricity Market | en_US |
| dc.subject | Fractional | en_US |
| dc.subject | Singular Systems | en_US |
| dc.title | Fractional-Order Dynamical Model for Electricity Markets | en_US |
| dc.title | Fractional-order dynamical model for electricity markets | tr_TR |
| dc.type | Article | en_US |
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| gdc.author.wosid | Milano, Federico/Aad-6521-2019 | |
| gdc.author.wosid | Dassios, Ioannis/G-8112-2011 | |
| gdc.author.wosid | Baleanu, Dumitru/B-9936-2012 | |
| gdc.author.wosid | Kerci, Taulant/Aai-5378-2020 | |
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| gdc.description.department | Çankaya University | en_US |
| gdc.description.departmenttemp | [Dassios, Ioannis; Kerci, Taulant; Milano, Federico] Univ Coll Dublin, AMPSAS, Dublin, Ireland; [Baleanu, Dumitru] Cankaya Univ, Dept Math & Comp Sci, Ankara, Turkey; [Baleanu, Dumitru] Inst Space Sci, Magurele, Romania | en_US |
| gdc.description.endpage | 8361 | en_US |
| gdc.description.issue | 7 | en_US |
| gdc.description.publicationcategory | Makale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı | en_US |
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| gdc.description.startpage | 8349 | en_US |
| gdc.description.volume | 46 | en_US |
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| gdc.oaire.keywords | Caputo | |
| gdc.oaire.keywords | Fractional derivatives and integrals | |
| gdc.oaire.keywords | singular systems | |
| gdc.oaire.keywords | Qualitative investigation and simulation of ordinary differential equation models | |
| gdc.oaire.keywords | fractional | |
| gdc.oaire.keywords | electricity market | |
| gdc.oaire.keywords | Fractional ordinary differential equations | |
| gdc.oaire.keywords | Economic models of real-world systems (e.g., electricity markets, etc.) | |
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