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We study a large economy in which firms cannot compute exact solutions to the non-linear equations that characterize the equilibrium price at which they can sell future output. Instead, firms use polynomial expansions to approximate prices.…
The decarbonization of the power sector plays a pivotal role in economy-wide decarbonization to set the world on track to limit warming to 1.5{\deg}C by 2050. Carbon emission markets can play a significant role in this transition by putting…
Power systems are subject to fundamental changes due to the increasing infeed of decentralised renewable energy sources and storage. The decentralised nature of the new actors in the system requires new concepts for structuring the power…
In this paper, we propose a model of decentralized energy storages, who serve as instruments to shift energy supply intertemporally. From storages' perspective, we investigate their optimal buying or selling decisions under market…
Energy prices and net power injection limitations regulate the operations in distribution grids and typically ensure that operational constraints are met. Nevertheless, unexpected or prolonged abnormal events could undermine the grid's…
In this paper, we focus on decentralized agricultural supply chains consisting of multiple non-competing distributors satisfying the demand of their respective markets. These distributors source a single product from a farmer through an…
We consider a Cournot oligopoly model where multiple suppliers (oligopolists) compete by choosing quantities. We compare the social welfare achieved at a Cournot equilibrium to the maximum possible, for the case where the inverse market…
Network effects are the added value derived solely from the popularity of a product in an economic market. Using agent-based models inspired by statistical physics, we propose a minimal theory of a competitive market for (nearly)…
This paper studies the topic of cost-efficiency in incomplete markets. A payoff is called cost-efficient if it achieves a given probability distribution at some given investment horizon with a minimum initial budget. Extensive literature…
We provide a general framework for the problem of data offloading in a heterogeneous wireless network, where some demand of cellular users is served by a complementary network. The complementary network is either a small-cell network that…
We study the optimal placement of an unlimited-capacity battery in power grids under a centralized market model, where the independent system operator (ISO) aims to minimize total generation costs through load shifting. The optimal battery…
Competition has been introduced in the electricity markets with the goal of reducing prices and improving efficiency. The basic idea which stays behind this choice is that, in competitive markets, a greater quantity of the good is exchanged…
We propose using a hierarchical retail market structure to alert and dispatch resources to mitigate cyber-physical attacks on a distribution grid. We simulate attacks where a number of generation nodes in a distribution grid are attacked.…
Logistics networks arise whenever there is a transfer of material substance or objects (such as checked baggage on international flights) as well as energy, information, or finance through links (channels). A general concept of logistics…
The fundamental power allocation requirements for NOMA systems with minimum quality of service (QoS) requirements are investigated. For any minimum QoS rate $R_0$, the limits on the power allocation coefficients for each user are derived,…
We consider the problem of regulating products with negative externalities to a third party that is neither the buyer nor the seller, but where both the buyer and seller can take steps to mitigate the externality. The motivating example to…
Renewables will soon dominate energy production in our electric power system. And yet, how to integrate renewable energy into the grid and the market is still a subject of major debate. Decentral Smart Grid Control (DSGC) was recently…
We consider a monopoly information holder selling information to a budget-constrained decision maker, who may benefit from the seller's information. The decision maker has a utility function that depends on his action and an uncertain state…
We study monopoly regulation under asymmetric information about costs when subsidies are infeasible. A monopolist with privately known marginal cost serves a single product market and sets a price. The regulator maximizes a weighted welfare…
Linearized models of power systems are often desirable to formulate tractable control and optimization problems that still reflect real-world physics adequately under various operating conditions. In this paper, we propose an approach that…