Demand for Cultural Heritage

Prepared for the Handbook of the Economics of Cultural Heritage. Forthcoming in Edgard Elgar Publisher. Anna Mignosa and Ilde Rizzo (editors)

Optimal Minimum Wage in a Competitive Economy: an Alternative Modelling Approach

This paper analyzes whether a minimum wage can be an optimal redistribution policy when distorting taxes and lump-sum transfers are also available in a competitive economy. We build a static general equilibrium model with a Ramsey planner making decisions on taxes, transfers, and minimum wage levels. Workers are assumed to differ only in their productivity. We find that optimal redistribution may imply the use of a minimum wage. The key factor driving our results is the reaction of the demand for low skilled labor to the minimum wage law. Hence, an optimal minimum wage appears to be most likely when low skilled households are scarce, the complementarity between the two types of workers is large or the difference in productivity is small. The main contribution of the paper is a modelling approach that allows us to adopt analysis and solution techniques widely used in recent public finance research. Moreover, this modelling strategy is flexible enough to allow for potential extensions to include dynamics into the model.

Multi-agent modelling for the simulation of a simple smart microgrid

The smart grid is a highly complex system that is being formed from the traditional power grid, adding new and sophisticated communication and control devices. This will enable integrating new elements for distributed power generation and also achieving an increasingly automated operation so for actions of the utilities as for customers. In order to model such systems a bottom-up method is followed, using only a few basic elements which are structured into two layers: a physical layer for the electrical power transmission, and one logical layer for element communication. A simple case study is presented to analyse the possibilities of simulation. It shows a microgrid model with dynamic load management and an integrated approach that can process both electrical and communication flows.

A complex systems modelling approach for decentralized simulation of electrical microgrids

ICECCS 2010