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Expected utility theory (EUT) is widely used in economic theory. However, its subjective probability formulation, first elaborated by Savage, is linked to Ellsberg-like paradoxes and ambiguity aversion. This has led various scholars to work…
We introduce a resource allocation framework for goal-oriented semantic networks, where participating agents assess system quality through subjective (e.g., context-dependent) perceptions. To accommodate this, our model accounts for agents…
The social dynamics of residential solar panel use within a theoretical population are studied using a compartmental model. In this study we consider three solar power options commonly available to consumers: the community block, leasing,…
Most work in mechanism design assumes that buyers are risk neutral; some considers risk aversion arising due to a non-linear utility for money. Yet behavioral studies have established that real agents exhibit risk attitudes which cannot be…
In spite of the substantial advance in developing energy-efficient buildings, power demand in the building sector is still remarkably growing due to teleworking and e-learning triggered by the COVID-19 movement restrictions. This is…
We propose a new efficient online algorithm to learn the parameters governing the purchasing behavior of a utility maximizing buyer, who responds to prices, in a repeated interaction setting. The key feature of our algorithm is that it can…
In the conventional information theoretic analysis of multiterminal communication scenarios, it is often assumed that all of the distributed terminals use the communication channel simultaneously. However, in practical wireless…
One of the most important goals of the 21st century is to change radically the way our society produces and distributes energy. This broad objective embodies in the smart grid's futuristic vision of a completely decentralized system powered…
Peer-to-peer trading in energy networks is expected to be exclusively conducted by the prosumers of the network with negligible influence from the grid. This raises the critical question: how can enough prosumers be encouraged to…
This paper presents the results of computational experiments on the effects of social influence on individual and systemic behavior of situated cognitive agents in a product-consumer environment. Paired experiments were performed with…
The Intergovernmental Panel on Climate Change proposes different mitigation strategies to achieve the net emissions reductions that would be required to follow a pathway that limits global warming to 1.5{\deg}C with no or limited overshoot.…
Our hypothesis is that by equipping certain agents in a multi-agent system controlling an intelligent building with automated decision support, two important factors will be increased. The first is energy saving in the building. The second…
While the potential for peer-to-peer electricity trading, where households trade surplus electricity with peers in a local energy market, is rapidly growing, the drivers of participation in this trading scheme have been understudied so far.…
We explore the influence of framing on decision-making, where some products are framed (e.g., displayed, recommended, endorsed, or labeled). We introduce a novel choice function that captures observed variations in framed alternatives.…
One of the major barriers for the retailers is to understand the consumption elasticity they can expect from their contracted demand response (DR) clients. The current trend of DR products provided by retailers are not consumer-specific,…
We propose a projected gradient dynamical system as a model for a bargaining scheme for an asset for which the two interested agents have personal valuations which do not initially coincide. The personal valuations are formed using…
The increasing integration of energy storage systems (ESSs) into power grids has necessitated effective real-time control strategies under uncertain and volatile electricity prices. An important problem of model predictive control of ESSs…
A significant part of CO2 emissions is due to high electricity consumption in residential buildings. Using load shifting can help to improve the households' energy efficiency. To nudge changes in energy consumption behavior, simple but…
We are witnessing an increasing use of data-driven predictive models to inform decisions. As decisions have implications for individuals and society, there is increasing pressure on decision makers to be transparent about their decision…
We study an optimal investment and consumption problem over a finite-time horizon, in which an individual invests in a risk-free asset and a risky asset, and evaluate utility using a general utility function that exhibits loss aversion with…