Market Stability Switches in a Continuous-Time Financial Market with Heterogeneous Beliefs

By considering a financial market of fundamentalists and trend followers in which the price trend of the trend followers is formed as a weighted average of historical prices, we establish a continuous-time financial market model with time delay and examines the impact of time delay on market price dynamics. Conditions for the stability of the fundamental price in terms of agents' behavior parameters and time delay are obtained. In particular, it is found that an increase in time delay can not only destabilize the market price but also stabilize an otherwise unstable market price, leading to stability switching as delay increases. This interesting phenomena shed new light in understanding of mechanism on the market stability. When the fundamental price becomes unstable through Hopf bifurcations, suffcient conditions on the stability and global existence of the periodic solution are obtained.asset price; fundamentalists; trend followers; delay differential equations; stability; bifurcations

Economic Assessment of Network-Constrained Transactive Energy for Managing Flexible Demand in Distribution Systems

The increasing number of distributed energy resources such as electric vehicles and heat pumps connected to power systems raises operational challenges to the network operator, for example, introducing grid congestion and voltage deviations in the distribution network level if their operations are not properly coordinated. Coordination and control of a large number of distributed energy resources requires innovative approaches. In this paper, we follow up on a recently proposed network-constrained transactive energy (NCTE) method for scheduling of electric vehicles and heat pumps within a retailer’s aggregation at distribution system level. We extend this method with: (1) a new modeling technique that allows the resulting congestion price to be directly interpreted as a locational marginal pricing in the system; (2) an explicit analysis of the benefits and costs of different actors when using the NCTE method in the system, given the high penetration of distributed energy resources. This paper firstly describes the NCTE-based distribution system that introduces a new interacting scheme for actors at the distribution system level. Then, technical modeling and economic interpretation of the NCTE-based distribution system are described. Finally, we show the benefits and costs of different actors within the NCTE-based distribution system

A Ceramic-Anode Supported Low Temperature Solid Oxide Fuel Cell

We report the fabrication and evaluation of a ceramic-anode supported button cell LSCM-SDC/SDC/PBSC (thickness 400 μm/20 μm/20 μm). The anode/electrolyte assembly LSCM-SDC/SDC was co-fired at low temperature of 1250°C, where a slight amount of CuO was mixed with LSCM. The CuO (20.3 wt%) were impregnated into the porous substrate to enhance current collecting effect. The cell exhibited power density of 596 mWcm−2 and 381 mWcm−2 at 700°C with wet hydrogen and methane as the fuel respectively, where the silver paste was used as current collectors, the highest performance up to date for the cells with metal oxide anodes at this temperature