NDLI: On incentive compatibility of deadline differentiated pricing for deferrable demand

Content Provider	IEEE Xplore Digital Library
Author	Bitar, E. Yunjian Xu
Copyright Year	2013
Description	Author affiliation: Sch. of Electr. & Comput. Eng., Cornell Univ., Ithaca, NY, USA (Bitar, E.) \|\| Dept. of Eng. Syst. & Design, Singapore Univ. of Technol. & Design, Singapore, Singapore (Yunjian Xu)
Abstract	A large fraction of the total electric load is comprised of end-use devices whose demand is inherently deferrable in time. While this latent flexibility in demand can be leveraged to absorb variability in supply from renewable generation, the challenge lies in designing incentives to induce the desired response in demand. In the following, we study a novel forward market, where consumers consent to deferred service of pre-specified loads in exchange for a reduced per-unit price for energy. The longer a customer is willing to defer, the larger the reduction in price. The proposed deadline-differentiated forward contract provides a guarantee on the aggregate quantity to be delivered by a consumer-specified deadline. Under the earliest-deadline-first (EDF) scheduling policy, which is shown to be optimal for the supplier, we explicitly characterize differentiated prices yielding an efficient competitive equilibrium between supply and demand. We also show that such prices are incentive compatible (IC) in that every consumer would like to reveal her true deadline type to the supplier, provided that the other consumers are truth-telling.
Sponsorship	IEEE Control Syst. Soc.
Starting Page	5620
Ending Page	5627
File Size	359302
Page Count	8
File Format	PDF
ISBN	9781467357142
ISSN	07431546
e-ISBN	9781467357173
DOI	10.1109/CDC.2013.6760775
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2013-12-10
Publisher Place	Italy
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Optimal scheduling Aggregates Pricing Quality of service Resource management Power systems Reliability Deadline Scheduling Incentive Compatibility Demand Response Renewable Energy Pricing Mechanisms
Content Type	Text
Resource Type	Article
Subject	Control and Optimization Control and Systems Engineering Modeling and Simulation

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