Related papers: Prosumer Behavior: Decision Making with Bounded Ho…
This paper studies how to aggregate prosumers (or large consumers) and their collective decisions in electricity markets, with a focus on fairness. Fairness is essential for prosumers to participate in aggregation schemes. Some prosumers…
Snapshots of "best" (or "worst") experience are known to dominate human memory and may thus also have a significant effect on future behaviour. We consider here a model of repeated decision-making where, at every time step, an agent takes…
In a dynamic distribution market environment, residential prosumers with solar power generation and battery energy storage devices can flexibly interact with the power grid via power exchange. Providing a schedule of this bidirectional…
Smart Home technology is increasingly seen as a solution for improving household energy efficiency. However, its energy-saving potential depends largely on how consumers use the system. To explore how user perception and intention to use…
Continuous integration of renewable energy sources into power networks is causing a paradigm shift in energy generation and distribution with regards to trading and control; the intermittent nature of renewable sources affects pricing of…
With the advent of prosumers, the traditional centralized operation may become impracticable due to computational burden, privacy concerns, and conflicting interests. In this paper, an energy sharing mechanism is proposed to accommodate…
The environmental change and its effects, caused by human influences and natural ecological processes over the last decade, prove that it is now more prudent than ever to transition to more sustainable models of energy consumption…
The conventional electricity grid system has many critical issues, which could lead to power instability, blackout, and many other issues. One main perspective is to consume the relative amount of distributed renewable energy in the…
In electricity markets, retailers or brokers want to maximize profits by allocating tariff profiles to end consumers. One of the objectives of such demand response management is to incentivize the consumers to adjust their consumption so…
The widespread adoption of distributed energy resources, and the advent of smart grid technologies, have allowed traditionally passive power system users to become actively involved in energy trading. Recognizing the fact that the…
In this paper, we propose to model the energy consumption of smart grid households with energy storage systems as an intertemporal trading economy. Intertemporal trade refers to transaction of goods across time when an agent, at any time,…
Crowdsourcing has been successfully applied in many domains including astronomy, cryptography and biology. In order to test its potential for useful application in a Smart Grid context, this paper investigates the extent to which a crowd…
Energy storage scheduling problems, where a storage is operated to maximize its profit in response to a price signal, are essentially infinite-horizon optimization problems as storage systems operate continuously, without a foreseen end to…
Global warming is endangering the earth's ecosystem. It is imperative for us to limit green house gas emissions in order to combat rising global average temperatures. One way to move forward is the integration of renewable energy resources…
An important but understudied question in economics is how people choose when facing uncertainty in the timing of events. Here we study preferences over time lotteries, in which the payment amount is certain but the payment time is…
Integrating the gas and district heating with the electrical grid in a multi-energy grid has been shown to provide flexibility and prevent bottlenecks in the operation of electrical distribution grids. This integration assumes a top-down…
The Random Utility Maximization model is by far the most adopted framework to estimate consumer choice behavior. However, behavioral economics has provided strong empirical evidence of irrational choice behavior, such as halo effects, that…
The proliferation of distributed generation and storage units is leading to the development of local, small-scale distribution grids, known as microgrids (MGs). In this paper, the problem of optimizing the energy trading decisions of MG…
Although single empirical studies provide important insights into who adopts a specific LCT for what reason, fundamental questions concerning the relations between decision subject (= who decides), decision object (= what is decided upon)…
Preserving energy in households and office buildings is a significant challenge, mainly due to the recent shortage of energy resources, the uprising of the current environmental problems, and the global lack of utilizing energy-saving…