Mathematical Simulation & Attendance of the 45th Annual Society for Mathematical Psychology Meeting

We recently attended the 45th annual meeting of the Society for Mathematical Psychology in Columbus, Ohio to explore simulation techniques that could be applied to market-based procurement mechanisms in the electricity industry.We seek collaboration with experts from diverse fields to maintain a broad perspective and incorporate evolving research and analytical methods.

Mathematical psychology is broadly defined to include work of a theoretical character that uses mathematical methods, formal logic, or computer simulation to research decision theory and motivational dynamics.

We had the opportunity to speak with many scientists, including a professor of cognitive and decision sciences from Michigan State University. His research includes developing formal cognitive theories of judgment and decision-making. We discussed building a simulation of energy procurement mechanisms to test the implications of various contract structures on the cost of electricity, project queues and effective coordination of transmission and generation investment decisions. Contract structures that reduce risks to investors can reduce their cost of capital and consumer’s electric bills.

Check our website frequently or follow Rothschild Financial on Twitter here for updates on progress and descriptions of our findings.

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