Related papers: Asset Participation and Aggregation in Incentive-B…
Demand Response (DR) programs have become a crucial component of smart electricity grids as they shift the flexibility of electricity consumption from supply to demand in response to the ever-growing demand for electricity. In particular,…
A significant portion of a consumer's annual electrical costs can be made up of coincident peak charges: a transmission surcharge for power consumed when the entire system is at peak demand. This charge occurs only a few times annually, but…
We study a general model on reusable resource allocation under model uncertainty. A heterogeneous population of customers arrive at the decision maker's (DM's) platform sequentially. Upon observing a customer's type, the DM selects an…
Industrial demand response (IDR) plays an important role in promoting the utilization of renewable energy (RE) in power systems. However, it will lead to power adjustments on the supply side, which is also a non-negligible factor in…
Sharpe et al. proposed the idea of having an expected utility maximizer choose a probability distribution for future wealth as an input to her investment problem instead of a utility function. They developed a computer program, called The…
In this paper, we consider a multi-attribute decision making problem where the decision maker's (DM's) objective is to maximize the expected utility of outcomes but the true utility function which captures the DM's risk preference is…
Situations where a group of agents come together to jointly buy a resource that they individually cannot afford to buy are commonly observed in markets. For example in the US market for radio spectrum, a recent proposal invited small firms…
We consider a general aggregation framework for discounted finite-state infinite horizon dynamic programming (DP) problems. It defines an aggregate problem whose optimal cost function can be obtained off-line by exact DP and then used as a…
This paper presents a grid-aware probabilistic approach to compute the aggregated flexibility at the grid connection point (GCP) of active distribution networks (ADNs) to allow the participation of DERs in ancillary services (AS) markets.…
We propose an enhancement to wholesale electricity markets whereby the exposure of consumers to increasingly large and volatile consumer payments arising as a byproduct of volatile real-time net loads -- i.e., loads minus renewable outputs…
Economic models with input-output networks assume that firm or sector (unit) growth is driven by a weighted sum of trade partners' growth and an independently-drawn idiosyncratic shock. I show that the idiosyncratic risk assumption in a…
We study investment and insurance demand decisions for an agent in a theoretical continuous-time expected utility maximization model that combines risky assets with an (exogenous) insurable background risk. This risk takes the form of a…
We focus on large blackouts in electric distribution systems caused by extreme winds. Such events have a large cost and impact on customers. To quantify resilience to these events, we formulate large event risk and show how to calculate it…
Distribution grid operation faces new challenges caused by a rising share of renewable energy sources and the introduction of additional types of loads to the grid. With the increasing adoption of distributed generation and emerging…
Training a robust policy is critical for policy deployment in real-world systems or dealing with unknown dynamics mismatch in different dynamic systems. Domain Randomization~(DR) is a simple and elegant approach that trains a conservative…
We consider models of financial markets in which all parties involved find incentives to participate. Strategies are evaluated directly by their virtual wealths. By tuning the price sensitivity and market impact, a phase diagram with…
Plug-in Electric Vehicles (PEVs) are a rapidly developing technology that can reduce greenhouse gas emissions and change the way vehicles obtain power. PEV charging stations will most likely be available at home and at work, and…
This paper focuses on a dynamic multi-asset mean-variance portfolio selection problem under model uncertainty. We develop a continuous time framework for taking into account ambiguity aversion about both expected return rates and…
The integration of various energy resources with wind farms, results in improved market-aware management of wind generation variations. Consequently, the proposed method minimizes the negative impact associated with wind generation…
This paper studies the automated control method for regulating air conditioner (AC) loads in incentive-based residential demand response (DR). The critical challenge is that the customer responses to load adjustment are uncertain and…