IEEE Journal on Selected Areas in Communications · 2012 · 151 citations · 21 references
Social SciencesEconomicsElectrical EngineeringEnergy EconomicsGame TheoryMicroeconomicsDemand ResponseDemand-side ManagementElectricity MarketsEnergy PricingNash EquilibriumPower Sector EconomicsElectricity DistributionElectricity Market AnalysisElectricity PricingElectricity Pricing MechanismsGame-theoretic Demand ResponseHybrid Electric VehiclesNash Equilibrium ProblemsPeak Electricity Demand Reduction
In this article, we investigate the competitive interaction between electrical vehicles or hybrid oil-electricity vehicles in a Cournot market consisting of electricity transactions to or from an underlying electricity distribution network. We provide a mean field game formulation for this competition, and introduce the set of fundamental differential equations ruling the behavior of the vehicles at the feedback Nash equilibrium, referred here to as the mean field equilibrium. This framework allows for a consistent analysis of the evolution of the price of electricity as well as of the instantaneous electricity demand in the power grid. Simulations precisely quantify those parameters and suggest that significant reduction of the daily electricity peak demand can be achieved by appropriate electricity pricing.
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Markets with a Continuum of Traders
Robert J. Aumann · Econometrica · 1964 · 1.2K citations
Dynamic noncooperative game theory
European Journal of Operational Research · 1995 · 1.1K citations
Kiyosi Itô · Journal of the Mathematical Society of Japan · 1951 · 716 citations · Full text