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Stochastic equilibrium modeling: The Impact of Uncertainty on the European Energy Market

Rolf Golombek, Kjell Arne Brekke, Michal Kaut, Sverre Kittelsen and Stein Wallace

No 9201, EcoMod2016 from EcoMod

Abstract: We present a simple approach to transform a deterministic numerical equilibrium model - where several agents simultaneously make decisions - into a stochastic equilibrium model. Our approach is used to build a large stochastic numerical equilibrium model of the Western European energy markets. We use the stochastic model to analyze the impact of economic uncertainty on the Western European energy markets; it is demonstrated that the equilibrium under uncertainty differs significantly from the deterministic outcome.

Keywords: EU; Impact and scenario analysis; Agent-based modeling (search for similar items in EconPapers)
Date: 2016-07-04
New Economics Papers: this item is included in nep-cmp and nep-ene
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Persistent link: https://EconPapers.repec.org/RePEc:ekd:009007:9201

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