Journal
IEEE TRANSACTIONS ON SMART GRID
Volume 6, Issue 4, Pages 1827-1838Publisher
IEEE-INST ELECTRICAL ELECTRONICS ENGINEERS INC
DOI: 10.1109/TSG.2015.2410131
Keywords
Competitive equilibrium; demand response; efficiency loss; Nash equilibrium; supply function bidding
Categories
Funding
- National Science Foundation [ECCS-1135843]
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In this paper, we consider an abstract market model for demand response where a supply function bidding is applied to match power supply deficit or surplus. We characterize the resulting equilibria in competitive and oligopolistic markets and propose distributed demand response algorithms to achieve the equilibria. We further show that the equilibrium in competitive market maximizes social welfare, and the equilibrium in oligopolistic market has bounded efficiency loss under certain mild assumptions. We also propose distributed demand response algorithms to achieve the equilibria.
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