New non-equilibrium cobweb dynamical evolution model and its application

Min Fu, Jun Xia, Xinghua Fan, Lixin Tian and Minggang Wang

Economic Modelling, 2015, vol. 51, issue C, 544-550

Abstract: A new cobweb model is built under price adjustment situation. Its price correction function considers the dynamic effects of regulation. Accuracy and authenticity of the analysis are increases. The new model is applied to the analysis of stability of power's supply and demand. An empirical analysis is carried out to study electricity power market in Jiangsu province and Shandong province in China. Results from the new model are not identical with the old one. The new model performs better in showing the dynamic effects with price changes and the dynamic law system. Furthermore, the stability for the new cobweb model without considering external influences is also considered. The study shows the stability of new model by numerical analysis. Probability of stability is given.

Keywords: Cobweb model; Dynamic evolution; Non-equilibrium; Power supply and demand energy system (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecmode:v:51:y:2015:i:c:p:544-550

DOI: 10.1016/j.econmod.2015.09.003

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