Mathematical Modelling of Contemporary Electricity Markets

Mathematical Modelling of Contemporary Electricity Markets
Author: Athanasios Dagoumas
Publsiher: Academic Press
Total Pages: 442
Release: 2021-02-12
ISBN 10: 012821838X
ISBN 13: 9780128218389
Language: EN, FR, DE, ES & NL

Mathematical Modelling of Contemporary Electricity Markets Book Review:

Mathematical Modelling of Contemporary Electricity Markets reviews major methodologies and tools to accurately analyze and forecast contemporary electricity markets in a ways that is ideal for practitioner and academic audiences. Approaches include optimization, neural networks, genetic algorithms, co-optimization, econometrics, E3 models and energy system models. The work examines how new challenges affect power market modeling, including discussions of stochastic renewables, price volatility, dynamic participation of demand, integration of storage and electric vehicles, interdependence with other commodity markets and the evolution of policy developments (market coupling processes, security of supply). Coverage addresses all major forms of electricity markets: day-ahead, forward, intraday, balancing, and capacity. Provides a diverse body of established techniques suitable for modeling any major aspect of electricity markets Familiarizes energy experts with the quantitative skills needed in competitive electricity markets Reviews market risk for energy investment decisions by stressing the multi-dimensionality of electricity markets

Mathematical Modelling of Contemporary Electricity Markets

Mathematical Modelling of Contemporary Electricity Markets
Author: Athanasios Dagoumas
Publsiher: Academic Press
Total Pages: 442
Release: 2021-01-30
ISBN 10: 0128218398
ISBN 13: 9780128218396
Language: EN, FR, DE, ES & NL

Mathematical Modelling of Contemporary Electricity Markets Book Review:

Mathematical Modelling of Contemporary Electricity Markets reviews major methodologies and tools to accurately analyze and forecast contemporary electricity markets in a ways that is ideal for practitioner and academic audiences. Approaches include optimization, neural networks, genetic algorithms, co-optimization, econometrics, E3 models and energy system models. The work examines how new challenges affect power market modeling, including discussions of stochastic renewables, price volatility, dynamic participation of demand, integration of storage and electric vehicles, interdependence with other commodity markets and the evolution of policy developments (market coupling processes, security of supply). Coverage addresses all major forms of electricity markets: day-ahead, forward, intraday, balancing, and capacity. Provides a diverse body of established techniques suitable for modeling any major aspect of electricity markets Familiarizes energy experts with the quantitative skills needed in competitive electricity markets Reviews market risk for energy investment decisions by stressing the multi-dimensionality of electricity markets

Mathematical Modeling Simulation and Optimization for Power Engineering and Management

Mathematical Modeling  Simulation and Optimization for Power Engineering and Management
Author: Simone Göttlich,Michael Herty,Anja Milde
Publsiher: Springer Nature
Total Pages: 325
Release: 2021
ISBN 10: 3030627322
ISBN 13: 9783030627324
Language: EN, FR, DE, ES & NL

Mathematical Modeling Simulation and Optimization for Power Engineering and Management Book Review:

This edited monograph offers a summary of future mathematical methods supporting the recent energy sector transformation. It collects current contributions on innovative methods and algorithms. Advances in mathematical techniques and scientific computing methods are presented centering around economic aspects, technical realization and large-scale networks. Over twenty authors focus on the mathematical modeling of such future systems with careful analysis of desired properties and arising scales. Numerical investigations include efficient methods for the simulation of possibly large-scale interconnected energy systems and modern techniques for optimization purposes to guarantee stable and reliable future operations. The target audience comprises research scientists, researchers in the R&D field, and practitioners. Since the book highlights possible future research directions, graduate students in the field of mathematical modeling or electrical engineering may also benefit strongly. .

An Introduction to Mathematical Modeling

An Introduction to Mathematical Modeling
Author: Edward A. Bender
Publsiher: Courier Corporation
Total Pages: 272
Release: 2012-05-23
ISBN 10: 0486137120
ISBN 13: 9780486137124
Language: EN, FR, DE, ES & NL

An Introduction to Mathematical Modeling Book Review:

Accessible text features over 100 reality-based examples pulled from the science, engineering, and operations research fields. Prerequisites: ordinary differential equations, continuous probability. Numerous references. Includes 27 black-and-white figures. 1978 edition.

Mathematical Modelling of Zombies

Mathematical Modelling of Zombies
Author: Robert Smith?
Publsiher: University of Ottawa Press
Total Pages: 468
Release: 2014-10-14
ISBN 10: 0776621688
ISBN 13: 9780776621685
Language: EN, FR, DE, ES & NL

Mathematical Modelling of Zombies Book Review:

You’re outnumbered, in fear for your life, surrounded by flesheating zombies. What can save you now? Mathematics, of course. Mathematical Modelling of Zombies engages the imagination to illustrate the power of mathematical modelling. Using zombies as a “hook,” you’ll learn how mathematics can predict the unpredictable. In order to be prepared for the apocalypse, you’ll need mathematical models, differential equations, statistical estimations, discretetime models, and adaptive strategies for zombie attacks—as well as baseball bats and Dire Straits records (latter two items not included). In Mathematical Modelling of Zombies, Robert Smith? brings together a highly skilled team of contributors to fend off a zombie uprising. You’ll also learn how modelling can advise government policy, how theoretical results can be communicated to a nonmathematical audience and how models can be formulated with only limited information. A forward by Andrew Cartmel—former script editor of Doctor Who, author, zombie fan and all-round famous person in science-fiction circles—even provides a genealogy of the undead. By understanding how to combat zombies, readers will be introduced to a wide variety of modelling techniques that are applicable to other real-world issues (biology, epidemiology, medicine, public health, etc.). So if the zombies turn up, reach for this book. The future of the human race may depend on it.

Recent Progress and Modern Challenges in Applied Mathematics Modeling and Computational Science

Recent Progress and Modern Challenges in Applied Mathematics  Modeling and Computational Science
Author: Roderick Melnik,Roman Makarov,Jacques Belair
Publsiher: Springer
Total Pages: 444
Release: 2017-09-05
ISBN 10: 1493969692
ISBN 13: 9781493969692
Language: EN, FR, DE, ES & NL

Recent Progress and Modern Challenges in Applied Mathematics Modeling and Computational Science Book Review:

This volume is an excellent resource for professionals in various areas of applications of mathematics, modeling, and computational science. It focuses on recent progress and modern challenges in these areas. The volume provides a balance between fundamental theoretical and applied developments, emphasizing the interdisciplinary nature of modern trends and detailing state-of-the-art achievements in Applied Mathematics, Modeling, and Computational Science. The chapters have been authored by international experts in their respective fields, making this book ideal for researchers in academia, practitioners, and graduate students. It can also serve as a reference in the diverse selected areas of applied mathematics, modelling, and computational sciences, and is ideal for interdisciplinary collaborations.

Modern Music Inspired Optimization Algorithms for Electric Power Systems

Modern Music Inspired Optimization Algorithms for Electric Power Systems
Author: Mohammad Kiani-Moghaddam,Mojtaba Shivaie,Philip D. Weinsier
Publsiher: Springer
Total Pages: 727
Release: 2019-05-21
ISBN 10: 3030120449
ISBN 13: 9783030120443
Language: EN, FR, DE, ES & NL

Modern Music Inspired Optimization Algorithms for Electric Power Systems Book Review:

In today’s world, with an increase in the breadth and scope of real-world engineering optimization problems as well as with the advent of big data, improving the performance and efficiency of algorithms for solving such problems has become an indispensable need for specialists and researchers. In contrast to conventional books in the field that employ traditional single-stage computational, single-dimensional, and single-homogeneous optimization algorithms, this book addresses multiple newfound architectures for meta-heuristic music-inspired optimization algorithms. These proposed algorithms, with multi-stage computational, multi-dimensional, and multi-inhomogeneous structures, bring about a new direction in the architecture of meta-heuristic algorithms for solving complicated, real-world, large-scale, non-convex, non-smooth engineering optimization problems having a non-linear, mixed-integer nature with big data. The architectures of these new algorithms may also be appropriate for finding an optimal solution or a Pareto-optimal solution set with higher accuracy and speed in comparison to other optimization algorithms, when feasible regions of the solution space and/or dimensions of the optimization problem increase. This book, unlike conventional books on power systems problems that only consider simple and impractical models, deals with complicated, techno-economic, real-world, large-scale models of power systems operation and planning. Innovative applicable ideas in these models make this book a precious resource for specialists and researchers with a background in power systems operation and planning. Provides an understanding of the optimization problems and algorithms, particularly meta-heuristic optimization algorithms, found in fields such as engineering, economics, management, and operations research; Enhances existing architectures and develops innovative architectures for meta-heuristic music-inspired optimization algorithms in order to deal with complicated, real-world, large-scale, non-convex, non-smooth engineering optimization problems having a non-linear, mixed-integer nature with big data; Addresses innovative multi-level, techno-economic, real-world, large-scale, computational-logical frameworks for power systems operation and planning, and illustrates practical training on implementation of the frameworks using the meta-heuristic music-inspired optimization algorithms.

Optimizing the Economic Efficiency of Wholesale Electricity Markets

Optimizing the Economic Efficiency of Wholesale Electricity Markets
Author: Anonim
Publsiher: Unknown
Total Pages: 210
Release: 2014
ISBN 10: 1928374650XXX
ISBN 13: OCLC:898189615
Language: EN, FR, DE, ES & NL

Optimizing the Economic Efficiency of Wholesale Electricity Markets Book Review:

This dissertation contributes design ideas and solution methodology to several policy and operational issues within the contemporary wholesale electricity markets in the United States. Mathematical programming, hierarchical optimization modeling and parallel computing techniques constitute its methodological basis. Chapter 2 interprets demand response as a trade of consuming rights among customers and provides a bi-level optimization model to simultaneously clear the energy and demand response markets. As an efficient implementation of FERC Order 745, a three-phase solution method involving joint use of nonlinear and mixed integer solvers as well as a bound-tightening technique is proposed for large-scale instances. Chapter 3 analyzes the efficiency and equity issues of the uniform-price payment rule in bulk power markets, and justifies based on linear programming duality a pay-as-bid rule in the context of unit commitment. The effectiveness of this payment rule is validated via a simulation of market participants' bidding behaviors in a realistic setting. Chapter 4 proposes a general bidding structure that clears obstacles for efficient demand-side participation. The structure promotes new bid types that allow deferrable, adjustable and storage-type loads to better express their value. These bid types are shown to be easily incorporated into the existing market and to preserve the efficiency and incentive-compatibility properties of the market. Chapter 5 provides a Derand sampling method to approximate load forecast errors in a stochastic unit commitment model. Using only a few high-quality scenarios, Derand outperforms its deterministic counterpart and other conventional scenario reduction techniques by a significant margin. Chapter 6 models a multi-stage security-constrained economic dispatch (SCED) problem. A series of algorithmic enhancements based on the Benders' decomposition and parallel computing are implemented to ameliorate the computational difficulty. The approach is able to process the N-1 contingency list in ten minutes for all large network cases available for experiments. Chapter 7 proposes a novel solution approach for the SCED problem in a nonlinear AC setting. The approach approximates the nonconvex AC feasibility problem with its semidefinite programming (SDP) relaxation and uses the SDP model as a convex subproblem within a Benders' decomposition framework. Numerical experiments demonstrate the superior solution quality of the approach.

The Economics of Electricity Markets

The Economics of Electricity Markets
Author: Darryl R. Biggar,Mohammad Reza Hesamzadeh
Publsiher: John Wiley & Sons
Total Pages: 432
Release: 2014-07-10
ISBN 10: 1118775724
ISBN 13: 9781118775721
Language: EN, FR, DE, ES & NL

The Economics of Electricity Markets Book Review:

Bridges the knowledge gap between engineering and economics in a complex and evolving deregulated electricity industry, enabling readers to understand, operate, plan and design a modern power system With an accessible and progressive style written in straight-forward language, this book covers everything an engineer or economist needs to know to understand, operate within, plan and design an effective liberalized electricity industry, thus serving as both a useful teaching text and a valuable reference. The book focuses on principles and theory which are independent of any one market design. It outlines where the theory is not implemented in practice, perhaps due to other over-riding concerns. The book covers the basic modelling of electricity markets, including the impact of uncertainty (an integral part of generation investment decisions and transmission cost-benefit analysis). It draws out the parallels to the Nordpool market (an important point of reference for Europe). Written from the perspective of the policy-maker, the first part provides the introductory background knowledge required. This includes an understanding of basic economics concepts such as supply and demand, monopoly, market power and marginal cost. The second part of the book asks how a set of generation, load, and transmission resources should be efficiently operated, and the third part focuses on the generation investment decision. Part 4 addresses the question of the management of risk and Part 5 discusses the question of market power. Any power system must be operated at all times in a manner which can accommodate the next potential contingency. This demands responses by generators and loads on a very short timeframe. Part 6 of the book addresses the question of dispatch in the very short run, introducing the distinction between preventive and corrective actions and why preventive actions are sometimes required. The seventh part deals with pricing issues that arise under a regionally-priced market, such as the Australian NEM. This section introduces the notion of regions and interconnectors and how to formulate constraints for the correct pricing outcomes (the issue of "constraint orientation"). Part 8 addresses the fundamental and difficult issue of efficient transmission investment, and finally Part 9 covers issues that arise in the retail market. Bridges the gap between engineering and economics in electricity, covering both the economics and engineering knowledge needed to accurately understand, plan and develop the electricity market Comprehensive coverage of all the key topics in the economics of electricity markets Covers the latest research and policy issues as well as description of the fundamental concepts and principles that can be applied across all markets globally Numerous worked examples and end-of-chapter problems Companion website holding solutions to problems set out in the book, also the relevant simulation (GAMS) codes

Trends in Teaching and Learning of Mathematical Modelling

Trends in Teaching and Learning of Mathematical Modelling
Author: Gabriele Kaiser,Werner Blum,Rita Borromeo Ferri,Gloria Stillman
Publsiher: Springer Science & Business Media
Total Pages: 734
Release: 2011-06-23
ISBN 10: 9400709102
ISBN 13: 9789400709102
Language: EN, FR, DE, ES & NL

Trends in Teaching and Learning of Mathematical Modelling Book Review:

This book contains suggestions for and reflections on the teaching, learning and assessing of mathematical modelling and applications in a rapidly changing world, including teaching and learning environments. It addresses all levels of education from universities and technical colleges to secondary and primary schools. Sponsored by the International Community of Teachers of Mathematical Modelling and Applications (ICTMA), it reflects recent ideas and methods contributed by specialists from 30 countries in Africa, the Americas, Asia, Australia and Europe. Inspired by contributions to the Fourteenth Conference on the Teaching of Mathematical Modelling and Applications (ICTMA14) in Hamburg, 2009, the book describes the latest trends in the teaching and learning of mathematical modelling at school and university including teacher education. The broad and versatile range of topics will stress the international state-of-the-art on the following issues: Theoretical reflections on the teaching and learning of modelling Modelling competencies Cognitive perspectives on modelling Modelling examples for all educational levels Practice of modelling in school and at university level Practices in Engineering and Applications

Social Impacts of Smart Grids

Social Impacts of Smart Grids
Author: Wadim Strielkowski
Publsiher: Elsevier
Total Pages: 342
Release: 2019-10-22
ISBN 10: 0128177713
ISBN 13: 9780128177716
Language: EN, FR, DE, ES & NL

Social Impacts of Smart Grids Book Review:

Social Impacts of Smart Grids: The Future of Smart Grids and Energy Market Design explores the significant, unexplored societal consequences of our meteoric evolution towards intelligent, responsive and sustainable power generation and distribution systems—the so-called ‘smart grid’. These consequences include new patterns of consumption behavior, systems planning under increasing uncertainty, and the ever- growing complexities involved. The work covers the historical impact of the transformation, examines the changing role of production and consumption behavior, articulates the principles and options for socially responsible smart grid power market design, and explores social acceptance of the smart grid. Where relevant, it examines adjacent literatures from P2P electricity markets, electric vehicles, smart homes and smart cities, and related ‘internet of energy’ developments. Finally, it provides insights into mitigating the likely social consequences of our integrated low-carbon energy future. Evaluates the connections between the concept of sustainability and the social impacts of the smart grids Analyzes emerging trends in smart grids connected with trends towards the sharing economy Investigates environmental degradation awareness and environmental stewardship goals associated with smart grids Explores how to mitigate social challenges with effective smart grid power market design Integrates energy stewardship and social acceptance literatures into the discussion of the smart grid

Modern Power Systems Analysis

Modern Power Systems Analysis
Author: Xi-Fan Wang,Yonghua Song,Malcolm Irving
Publsiher: Springer Science & Business Media
Total Pages: 561
Release: 2010-06-07
ISBN 10: 0387728538
ISBN 13: 9780387728537
Language: EN, FR, DE, ES & NL

Modern Power Systems Analysis Book Review:

The capability of effectively analyzing complex systems is fundamental to the operation, management and planning of power systems. This book offers broad coverage of essential power system concepts and features a complete and in-depth account of all the latest developments, including Power Flow Analysis in Market Environment; Power Flow Calculation of AC/DC Interconnected Systems and Power Flow Control and Calculation for Systems Having FACTS Devices and recent results in system stability.

Energy Storage in Energy Markets

Energy Storage in Energy Markets
Author: Behnam Mohammadi-Ivatloo,Amin Mohammadpour Shotorbani,Amjad Anvari-Moghaddam
Publsiher: Academic Press
Total Pages: 490
Release: 2021-04-30
ISBN 10: 0128203838
ISBN 13: 9780128203835
Language: EN, FR, DE, ES & NL

Energy Storage in Energy Markets Book Review:

Energy Storage in Energy Markets reviews the modeling, design, analysis, optimization and impact of energy storage systems in energy markets in a way that is ideal for an audience of researchers and practitioners. The book provides deep insights on potential benefits and revenues, economic evaluation, investment challenges, risk analysis, technical requirements, and the impacts of energy storage integration. Heavily referenced and easily accessible to policymakers, developers, engineer, researchers and students alike, this comprehensive resource aims to fill the gap in the role of energy storage in pool/local energy/ancillary service markets and other multi-market commerce. Chapters elaborate on energy market fundamentals, operations, energy storage fundamentals, components, and the role and impact of storage systems on energy systems from different aspects, such as environmental, technical and economics, the role of storage devices in uncertainty handling in energy systems and their contributions in resiliency and reliability improvement. Provides integrated techno-economic analysis of energy storage systems and the energy markets Reviews impacts of electric vehicles as moving energy storage and loads on the electricity market Analyzes the role and impact of energy storage systems in the energy, ancillary, reserve and regulatory multi-market business Applies advanced methods to the economic integration of large-scale energy storage systems Develops an evaluation framework for energy market storage systems

Local Electricity Markets

Local Electricity Markets
Author: Tiago Pinto,Zita Vale,Steve Widergren
Publsiher: Academic Press
Total Pages: 472
Release: 2021-07-03
ISBN 10: 0128226668
ISBN 13: 9780128226667
Language: EN, FR, DE, ES & NL

Local Electricity Markets Book Review:

Local Electricity Markets introduces the fundamental characteristics, needs, and constraints shaping the design and implementation of local electricity markets. It addresses current proposed local market models and lessons from their limited practical implementation. The work discusses relevant decision and informatics tools considered important in the implementation of local electricity markets. It also includes a review on management and trading platforms, including commercially available tools. Aspects of local electricity market infrastructure are identified and discussed, including physical and software infrastructure. It discusses the current regulatory frameworks available for local electricity market development internationally. The work concludes with a discussion of barriers and opportunities for local electricity markets in the future. Delineates key components shaping the design and implementation of local electricity market structure Provides a coherent view on the enabling infrastructures and technologies that underpin local market expansion Explores the current regulatory environment for local electricity markets drawn from a global panel of contributors Exposes future paths toward widespread implementation of local electricity markets using an empirical review of barriers and opportunities Reviews relevant local electricity market case studies, pilots and demonstrators already deployed and under implementation

Optimum Investment Strategy in the Power Industry

Optimum Investment Strategy in the Power Industry
Author: Ryszard Bartnik,Berenika Bartnik,Anna Hnydiuk-Stefan
Publsiher: Springer
Total Pages: 68
Release: 2016-04-07
ISBN 10: 3319318721
ISBN 13: 9783319318721
Language: EN, FR, DE, ES & NL

Optimum Investment Strategy in the Power Industry Book Review:

This book presents an innovative methodology for identifying optimum investment strategies in the power industry. To do so, it examines results including, among others, the impact of oxy-fuel technology on CO2 emissions prices, and the specific cost of electricity production. The technical and economic analysis presented here extend the available knowledge in the field of investment optimization in energy engineering, while also enabling investors to make decisions involving its application. Individual chapters explore the potential impacts of different factors like environmental charges on costs connected with investments in the power sector, as well as discussing the available technologies for heat and power generation. The book offers a valuable resource for researchers, market analysts, decision makers, power engineers and students alike.

Modern Heuristic Optimization Techniques

Modern Heuristic Optimization Techniques
Author: Kwang Y. Lee,Mohamed A. El-Sharkawi
Publsiher: John Wiley & Sons
Total Pages: 750
Release: 2008-02-08
ISBN 10: 0471457116
ISBN 13: 9780471457114
Language: EN, FR, DE, ES & NL

Modern Heuristic Optimization Techniques Book Review:

This book explores how developing solutions with heuristic tools offers two major advantages: shortened development time and more robust systems. It begins with an overview of modern heuristic techniques and goes on to cover specific applications of heuristic approaches to power system problems, such as security assessment, optimal power flow, power system scheduling and operational planning, power generation expansion planning, reactive power planning, transmission and distribution planning, network reconfiguration, power system control, and hybrid systems of heuristic methods.

Optimization and Applications

Optimization and Applications
Author: Nicholas Olenev,Yuri Evtushenko,Michael Khachay,Vlasta Malkova
Publsiher: Springer Nature
Total Pages: 331
Release: 2020-11-05
ISBN 10: 3030628671
ISBN 13: 9783030628673
Language: EN, FR, DE, ES & NL

Optimization and Applications Book Review:

This book constitutes the refereed proceedings of the 11th International Conference on Optimization and Applications, OPTIMA 2020, held in Moscow, Russia, in September-October 2020.* The 21 full and 2 short papers presented were carefully reviewed and selected from 60 submissions. The papers cover such topics as mathematical programming, combinatorial and discrete optimization, optimal control, optimization in economics, finance, and social sciences, global optimization, and applications. * The conference was held virtually due to the COVID-19 pandemic.

Commodity Option Pricing

Commodity Option Pricing
Author: Iain J. Clark
Publsiher: John Wiley & Sons
Total Pages: 344
Release: 2014-04-21
ISBN 10: 1119944511
ISBN 13: 9781119944515
Language: EN, FR, DE, ES & NL

Commodity Option Pricing Book Review:

Commodity Option Pricing: A Practitioner’s Guide covers commodity option pricing for quantitative analysts, traders or structurers in banks, hedge funds and commodity trading companies. Based on the author’s industry experience with commodity derivatives, this book provides a thorough and mathematical introduction to the various market conventions and models used in commodity option pricing. It introduces the various derivative products typically traded for commodities and describes how these models can be calibrated and used for pricing and risk management. The book has been developed with input from traders and examples using real world data, together with relevant up to date academic research. The book includes practical descriptions of market conventions and quote codes used in commodity markets alongside typical products seen in broker quotes and used in calibration. Also discussed are commodity models and their mathematical derivation and volatility surface modelling for traded commodity derivatives. Gold, silver and other precious metals are addressed, including gold forward and gold lease rates, as well as copper, aluminium and other base metals, crude oil and natural gas, refined energy and electricity. There are also sections on the products encountered in commodities such as crack spread and spark spread options and alternative commodities such as carbon emissions, weather derivatives, bandwidth and telecommunications trading, plastics and freight. Commodity Option Pricing is ideal for anyone working in commodities or aiming to make the transition into the area, as well as academics needing to familiarize themselves with the industry conventions of the commodity markets.

Mathematical Models for Society and Biology

Mathematical Models for Society and Biology
Author: Edward Beltrami
Publsiher: Academic Press
Total Pages: 288
Release: 2013-06-19
ISBN 10: 0124046932
ISBN 13: 9780124046931
Language: EN, FR, DE, ES & NL

Mathematical Models for Society and Biology Book Review:

Mathematical Models for Society and Biology, 2e, is a useful resource for researchers, graduate students, and post-docs in the applied mathematics and life science fields. Mathematical modeling is one of the major subfields of mathematical biology. A mathematical model may be used to help explain a system, to study the effects of different components, and to make predictions about behavior. Mathematical Models for Society and Biology, 2e, draws on current issues to engagingly relate how to use mathematics to gain insight into problems in biology and contemporary society. For this new edition, author Edward Beltrami uses mathematical models that are simple, transparent, and verifiable. Also new to this edition is an introduction to mathematical notions that every quantitative scientist in the biological and social sciences should know. Additionally, each chapter now includes a detailed discussion on how to formulate a reasonable model to gain insight into the specific question that has been introduced. Offers 40% more content – 5 new chapters in addition to revisions to existing chapters Accessible for quick self study as well as a resource for courses in molecular biology, biochemistry, embryology and cell biology, medicine, ecology and evolution, bio-mathematics, and applied math in general Features expanded appendices with an extensive list of references, solutions to selected exercises in the book, and further discussion of various mathematical methods introduced in the book

Smart Markets for Water Resources

Smart Markets for Water Resources
Author: John F. Raffensperger,Mark W. Milke
Publsiher: Springer
Total Pages: 313
Release: 2017-04-20
ISBN 10: 331955008X
ISBN 13: 9783319550084
Language: EN, FR, DE, ES & NL

Smart Markets for Water Resources Book Review:

Why is trade in wholesale water so rare, when markets can actively trade bread, tractors, and electricity? This book shows that water markets fail because of high transaction costs, resulting in inefficient allocations and unpredictable environmental effects. To overcome these obstacles, this book proposes a trading mechanism called a smart market. A smart market is an auction cleared with optimization. A smart market can reduce the transaction costs of water trading, while improving the environmental outcomes. The authors show why a smart market for water is needed, how it would work, and how to implement it. The smart market described here uses a hydrology simulation of the water resource, user bids via the internet, and mathematical optimization, to maximize the economic value of water while meeting all environmental constraints. The book provides the background to understand the smart market for water, and the detail to help the reader start working on its application. The book explores topics such as: Why water should be more expensive near sensitive environmental locations, Ways to set initial allocations of water rights, The role of regulatory oversight, The prerequisites of a water market, and How to counter objections to water markets. The culmination of a decade of investigation, this book combines explanation, examples, and detail to inform policymakers, large water users, environmental organizations, researchers, and a thirsty public.