| Title | Multi-Dimensional Forward Contracts under Uncertainty for Electricity Markets |
| Publication Type | Journal Article |
| Year of Publication | 2016 |
| Authors | Hamidreza Tavafoghi, Demos Teneketzis |
| Journal | IEEE Transactions on Control of Network Systems |
| Abstract | We consider mechanism design problems for strategic agents with multi-dimensional private information and uncertainty in their utility/cost function. We show that the optimal mechanism with firm allocation can be implemented as a nonlinear pricing scheme, and the optimal mechanism with random allocation can be implemented as a menu of nonlinear pricing schemes.We provide two examples to demonstrate the results: an optimal energy procurement mechanism from a strategic seller with renewable (random) generation, and the design of an optimal demand response program for a network of heterogeneous loads. |
| URL | https://cps-vo.org/node/38462 |
| Citation Key | TavafoghiTeneketzis16_MultiDimensionalForwardContractsUnderUncertaintyFor |
Multi-Dimensional Forward Contracts under Uncertainty for Electricity Markets