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Some Economic Principles

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Electric Power System Planning

Part of the book series: Power Systems ((POWSYS))

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Abstract

Similar to any other social science, economics has appeared in power system field, too. Like any other man-made industry, electric power industry is confronted with revenues and costs; resulting in economic principles to be continuously observed. The emerged electric power markets have resulted in full involvements of this industry in economic based theories, applications and principles.

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Notes

  1. 1.

    Sometimes called capital or capital investment cost. In Chap. 5, we differentiate a little bit more, between these two terms. However, we mainly use investment cost as the most common term.

  2. 2.

    This term is not a very common economic term. However, as it is used in WASP package (see Chap. 5) for GEP problem, it is introduced here.

  3. 3.

    Resulting in new facilities to be installed for compensating such losses.

  4. 4.

    For each year.

  5. 5.

    Superscripts 1 and 2 denote periods 1 and 2, respectively.

References

  1. Salvatore D, Diulio EA (1996) Schaum’s outline of theory and problems of principles of economics. McGraw-Hill, New York

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  2. Bishop M (2004) Essential economics. Profile Books Ltd, London

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  3. McDowell M, Thom R, Frank R, Bernanke B (2006) Principles of economics. McGraw-Hill, Boston

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  4. Kirschen D, Strbac G (2004) Fundamentals of power system economics. Wiley, Chichester

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  • The books published on principles of economics are quite high. Three typical ones are introduced in [1–3]. Reference [4] is the typical book extensively used for power system economics.

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Author information

Authors and Affiliations

  1. Iran Power System Engineering Research Center, Ehran, Iran

    Hossein Seifi

  2. School of Engineering, Department of Industrial Engineering, Tarbiat Modarres University, PO Box 14115-143, Tehran, Iran

    Hossein Seifi

  3. University of Technology,Affiliated to Ministry of Energy of Iran, Abbaspour Street, Tehran, Iran

    Mohammad Sadegh Sepasian

Authors
  1. Hossein Seifi
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  2. Mohammad Sadegh Sepasian
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Correspondence to Hossein Seifi .

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© 2011 Springer-Verlag Berlin Heidelberg

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Seifi, H., Sepasian, M.S. (2011). Some Economic Principles. In: Electric Power System Planning. Power Systems. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-17989-1_3

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  • DOI: https://doi.org/10.1007/978-3-642-17989-1_3

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  • Publisher Name: Springer, Berlin, Heidelberg

  • Print ISBN: 978-3-642-17988-4

  • Online ISBN: 978-3-642-17989-1

  • eBook Packages: EngineeringEngineering (R0)

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