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M3 – Motivations and Formal Model

  • Mariusz Kaleta
  • Eugeniusz Toczyłowski
Chapter
Part of the Advances in Intelligent and Soft Computing book series (AINSC, volume 121)

Abstract

In the chapter, first we discuss needs and motivations for market-based mechanism for complex, distributed systems, especially focusing on infrastructures sectors. A great number of issues related to market mechanisms developing is modeled by decisions models. There are many completely different attempts to organizing the mechanisms of finding market equilibrium. These attempts are hard to reliably compere on the common test cases due to huge effort needed for numerical data adaptation to each approach. We give strong foundations for Multicommodity Market Model (M3), which describes the data on the input and output sides of the market clearing process. Its main advantage is very high expressiveness. M3 covers most known trade mechanisms, including different auction types, multi-commodity mechanisms, bilateral contracts and others. In the chapter we present architecture of M3 , including formal model.

Keywords

Time Slot Market Mechanism Time Structure Balance Problem Virtual Network 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag GmbH Berlin Heidelberg 2012

Authors and Affiliations

  1. 1.Institute of Control and Computation EngineeringWarsaw University of TechnologyWarsawPoland

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