Meta-Issue: Adding "Market" and associated concepts

[kkcaag]

Description of the issue

Term "Markets" and many associated concepts are missing in the ontology.

Ideas of solution

Adding the following terms under "generically dependent continuant"

• Market (property: "has part": "Trader")
  -- EnergyExchange (property: "has part": "Bid", "Award")
  -- CarbonMarket (property: "has part": "Bid", "Award")
  -- FuelMarket (property: "has part": "Bid", "Award")
  -- PowerPurchaseAgreement

Workflow checklist

• I discussed the issue with someone else than me before working on a solution
• I already read the latest version of the workflow for this repository
• The goal of this ontology is clear to me

I am aware that

• every new entry in the ontology should have an annotation
• classes should arise from concepts rather than from words
• class or property names should follow the UpperCamelCase

Cheers,
Kiên

[stap-m]

Good point. Do you have a suggestion for a definition and classification for 'Market'?

[MGlauer]

Maybe we should import an existing ontology for finances for that.

[stap-m]

There is also this electricity markets ontology EMO. @MGlauer can you take a look?

[MGlauer]

@stap-m EMO seems to be tailored explicitly for the electricity market with little regard for more general concepts:

Class: Offer
 SubClassOf: has_power exactly 1 Power

and other issues:

Class: Area
  SubClassOf: maxPrice exactly 1 xsd:double
  SubClassOf: minPrice exactly 1 xsd:double

FIBO on the other hand is too complex for our purposes (Protege struggles to load it on my machine). It is split into several smaller ontologies that we may import separately, though.

[stap-m]

I created an own issue for energy exchange and market/exchange #302

[akleinau]

[litotes18]

Thank you for the good discussion during the OEO meeting!
Here are the terms that our (typical for other models of this kind) agent-based model uses and that are not in the OEO yet:
Contracts:
DeliveryTime
DeliveryInterval
Sender
Receiver
FuelPriceRequest
MarginalCost
Bid
Award
DispatchAssignment
PowerPlantPortfolio

Power plants:
Capacity
InstalledPower
PlannedAvailability
Efficiency
BlockSize
CyclingCost
FuelType
UnplannedAvailabilityFactor
YieldProfile
FullLoadHours
PowerClass
PowerPlantOperator

Trader and markets:
Markup
ConventionalTrader
DemandTrader
DirectMarketer
Message
Signal
Channel
Product
Portfolio
MeritOrder

Hope that helps!

Ulrich

[stap-m]

Thanks for the collection @litotes18
For the discussion of these terms, could you open a single issues for a single term (or a couple of very related/interfering terms)? In the new issue description, you can link this meta issue #256 and provide a definition/explanation of the term. From there, we can derive a classification and an Aristotelian definition together.

[han-f]

I added some general thoughts on markets in #302 and opened another ticket for introduction of market participants (#330)

[han-f]

General questions from a very general economics point of view:
Bid and award:

• What exactly do you mean with bid?
• What exactly do you mean with award?

My initial thought on bid: With a bid a potential consumer (see #330) expresses interest to obtain a specific quantity of some commodity. Let's say I offer 300 Euros for 10 emissions certificates.
-> From bid we could then derive the price that this consumer would be willing to pay or one unit of the commodity.

My initial thoughts on award: the actual quantity of the commodity the consumer has received. This could be equal or less than what he/she initially wanted to obtain.

[sfluegel05]

From oeo-dev-meeting 8.2:
In fibo, market is used as a synonym for exchange, see #341

[han-f]

Status today to follow up upon: see notes from meeting on 2021-06-25: https://etherpad.wikimedia.org/p/oeo-dev-markets

[sfluegel05]

concepts that still need to be discussed after the markets meeting:

• yield profile
• full load hours
• markup / markdown
• demand trader
• direct marketer
• product
• merit order

[sfluegel05]

In dev meeting 20, the following definitions were found:

• generation time series: A generation time series is a time series that describes the specific electricity generation of a particular power plant.
• yield profile: A yield profile is a generation time series of a particular renewable power plant.
• demand trader: A trader that is the relay to agents that have a demand.
• merit order: A merit order is a plan specification that describes the dispatch ranking of power plants (electrical generation) based on ascending order of price.
• full load hours: Full load hours are a quantity value that describes the utilization of a technical device. The value of the full load hours is obtained by dividing the annual amount of energy generated by the declared net capacity of the plant.
  • axiom: has unit some hour
• direct marketer: A direct marketer is a trader who is the relay between the energy exchange and power plant operators.

Still missing are product and markup / markdown (-> next dev meeting).

[stap-m]

In dev meeting 21, we decided on

• markup a markup is an economic value that indicates a virtual amount added to an assumed or historical price to predict a price in a different context.
• markdown: a markdown is an economic value that indicates a virtual amount deducted from an assumed or historical price to predict a price in a different context.
• product: alternative term for commodity

Can this issue be closed after implementation?