Related papers: Dynamic access pricing control for fair and stable…
The rapid proliferation of distributed energy resources (DERs) and the electrification of residential loads offer significant potential for grid flexibility but pose stability challenges under static pricing regimes. Specifically, high…
This paper develops a strategic model of trade between two regions in which, depending on the relation among output, financial resources and transportation costs, the adjustment of prices towards an equilibrium is studied. We derive…
We consider a general queueing system with price-sensitive customers in which the service provider seeks to balance two objectives, maximizing the average revenue rate and minimizing the average queue length. Customers arrive according to a…
In this paper a unifying energy-based approach is provided to the modeling and stability analysis of power systems coupled with market dynamics. We consider a standard model of the power network with a third-order model for the synchronous…
In an electric power system, demand fluctuations may result in significant ancillary cost to suppliers. Furthermore, in the near future, deep penetration of volatile renewable electricity generation is expected to exacerbate the variability…
We consider a dynamic pricing problem where customer response to the current price is impacted by the customer price expectation, aka reference price. We study a simple and novel reference price mechanism where reference price is the…
We study a demand response problem from utility (also referred to as operator)'s perspective with realistic settings, in which the utility faces uncertainty and limited communication. Specifically, the utility does not know the cost…
Incentive-based coordination mechanisms for distributed energy consumption have shown promise in aligning individual user objectives with social welfare, especially under privacy constraints. Our prior work proposed a two-timescale adaptive…
A set of economic entities embedded in a network graph collaborate by opportunistically exchanging their resources to satisfy their dynamically generated needs. Under what conditions their collaboration leads to a sustainable economy? Which…
Traffic signal controllers play an essential role in today's traffic system. However, the majority of them currently is not sufficiently flexible or adaptive to generate optimal traffic schedules. In this paper we present an approach to…
In this paper we investigate a dynamic pricing model for constant demand elasticity where customers have a probability distribution on the number of items they order. This is a generalization from standard models which restrict customers to…
This paper studies the problem of optimal flow control in dynamic inventory systems. A dynamic optimal distribution problem, including time-varying supply and demand, capacity constraints on the transportation lines, and convex flow cost…
The intermittent nature of renewable energy resources creates extra challenges in the operation and control of the electricity grid. Demand flexibility markets can help in dealing with these challenges by introducing incentives for…
Ride-hailing marketplaces like Uber and Lyft use dynamic pricing, often called surge, to balance the supply of available drivers with the demand for rides. We study driver-side payment mechanisms for such marketplaces, presenting the…
In deregulated railway markets, efficient management of infrastructure charges is essential for sustaining railway systems. This study sets out a method for infrastructure managers to price access to railway infrastructure, focusing on…
The dynamic pricing problem of a freeway corridor with high-occupancy toll (HOT) lanes was formulated and solved based on a point queue abstraction of the traffic system [Yin and Lou, 2009]. However, existing pricing strategies cannot…
In a traffic network, vehicles normally select their routes selfishly. Consequently, traffic networks normally operate at an equilibrium characterized by Wardrop conditions. However, it is well known that equilibria are inefficient in…
This paper proposes a theory of pricing premised upon the assumptions that customers dislike unfair prices---those marked up steeply over cost---and that firms take these concerns into account when setting prices. Since they do not observe…
In this paper, we focus on how to dynamically allocate a divisible resource fairly among n players who arrive and depart over time. The players may have general heterogeneous valuations over the resource. It is known that the exact…
The integration of renewable generation poses operational and economic challenges for the electricity grid. For the core problem of power balance, the legacy paradigm of tailoring supply to follow random demand may be inappropriate under…