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.
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Kaleta, M., Toczyłowski, E. (2012). M3 – Motivations and Formal Model. In: Kaleta, M., Traczyk, T. (eds) Modeling Multi-commodity Trade: Information Exchange Methods. Advances in Intelligent and Soft Computing, vol 121. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-25649-3_1
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DOI: https://doi.org/10.1007/978-3-642-25649-3_1
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Online ISBN: 978-3-642-25649-3
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