Regardless, whether you have a conceptual model with complicated interactions hidden in the mathematical equations of your solution or a numerical model with a gazillion numbers, you will need to …
You were not the only one tasked to design a policy system for our example market. We did the same. So watch how Frank Krysiak is designing a system focused …
Now that you have learned about all the elements needed to design sophisticated models, it is time to put those pieces together to have a look at possible futures. Let’s …
While optimization models are frequently used for techno-economic scenario simulations and system assessments, equilibrium models are more common for analysing detailed economic market interaction and dynamics. They are coded using …
Modern computer capacities and advances in modeling software and algorithms make numerical modeling much more accessible than a few decades ago. Nevertheless, basic understandings of the mathematical model structure and …
Data plays a crucial role in many models, especially large-scale numerical scenario models. Getting the data needed to run your model is often the most frustrating part of the whole …
Let’s start our last course week by shortly reviewing how we started in the first week. We explained that modeling can be structured into four main phases: In the last …
This has been a tough week with some complex mathematics and economics. So let’s recap the most important take home messages for this week. First, we have examined more detailed …
Let’s examine how the oligopoly model is designed. It closely follows the monopoly model with respect to its general setup: we assume that coal-based producers have market power and the …
Now that we have introduced monopolies to our modeling world we can go one step further by introducing oligopolies. For many markets perfect competition is more of a theoretic benchmark. …
Now that you have seen your first monopoly model let’s use the setting of our perfect competition example to analyze how such a model can be designed as optimization and …
Let’s examine the model in somewhat more detail. In this model, we assume that one firm has market power (the coal-based producer), whereas the other firms behave competitively. They form …
Some might assume that firms behave competitively and take prices as given and do not try to manipulate markets to their advantage. Unfortunately, this is a rather optimistic view of …
The model elements we discussed so far were focused on representing perfect systems: companies take market prices as given, policies are easy to implement, and we possess perfect information on …
In the last step we took a dive into the underlying mathematics of our models. To get a better understanding of what this means for your model design, we now …