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| Content Provider | IEEE Xplore Digital Library |
|---|---|
| Author | Adilov, N. Schuler, R.E. Schulze, W.D. Toomey, D.E. |
| Copyright Year | 2004 |
| Description | Author affiliation: Cornell Univ., Ithaca, NY, USA (Adilov, N.; Schuler, R.E.; Schulze, W.D.; Toomey, D.E.) |
| Abstract | An experimental structure is demonstrated that represents end-use customers in electricity markets who can substitute part of their usage between day and night. Individuals' demand relationships are represented by a two-step value function for each period that are disaggregated from observed market demand relationships. Demand varies between day and night and during heat waves. Three alternative demand-side market structures are evaluated: 1) customers pay the same fixed price (FP) in all periods - the base case, 2) a demand response feature (DRP) is added in periods of supply shortages, wherein buyers receive a prespecified credit for reduced purchases, and 3) a real time pricing (RTP) case where prices are forecast for the upcoming day/night pair, then buyers select their quantity purchases sequentially and are charged the actual market-clearing prices. Initial experiments were conducted with active demand-participants, but with a predetermined typical "hockey-stick" supply structure that was varied randomly, over eleven day-night pairs that included heat wave and supply shortages. The RTP structure resulted in the greatest market efficiency, despite the more difficult cognitive problem it poses for buyers. Furthermore, a preference poll comparing DRP and RTP was conducted after each trial; and while 64% of the participants said they preferred DRP before RTP experiments, 76% selected the RTP structure afterwards, a statistically significant reversal of preferences. |
| File Size | 333137 |
| File Format | |
| ISBN | 0769520561 |
| DOI | 10.1109/HICSS.2004.1265174 |
| Language | English |
| Publisher | Institute of Electrical and Electronics Engineers, Inc. (IEEE) |
| Publisher Date | 2004-01-05 |
| Publisher Place | USA |
| Access Restriction | Subscribed |
| Rights Holder | Institute of Electrical and Electronics Engineers, Inc. (IEEE) |
| Subject Keyword | Power markets Electricity supply industry Load management Costs Economic forecasting Demand forecasting Automatic control Pricing Contracts Instruments |
| Content Type | Text |
| Resource Type | Article |
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