Risk-Sensitive Learning and Pricing for Demand Response
نویسندگان
چکیده
منابع مشابه
Risk-Sensitive Learning and Pricing for Demand Response
We consider the setting in which an electric power utility seeks to curtail its peak electricity demand by offering a fixed group of customers a uniform price for reductions in consumption relative to their predetermined baselines. The underlying demand curve, which describes the aggregate reduction in consumption in response to the offered price, is assumed to be affine and subject to unobserv...
متن کاملAn online learning approach to dynamic pricing for demand response
In this paper, the problem of optimal dynamic pricing for retail electricity with an unknown demand model is considered. Under the day-ahead dynamic pricing (a.k.a. real time pricing) mechanism, a retailer obtains electricity in a twosettlement wholesale market and serves its customers in real time. Without knowledge on the aggregated demand function of its customers, the retailer aims to maxim...
متن کاملAssortment and Pricing with Demand Learning
Retailers, from fashion stores to grocery stores, have to decide what range of products to offer (assortment planning) and what prices to charge (price optimization). New business trends, such as mass customization and shorter product life cycles, make predicting demand more difficult, which in turn complicates assortment planning and price optimization. We propose and study a stochastic dynami...
متن کاملPricing and learning with uncertain demand
Practical policies for the monopolistic pricing problem with uncertain demand are discussed (for discrete time, continuous prices and demand, in a linear and Gaussian setting). With this model, the introduction of price variations is rationally justified, to allow for a better estimate of the elasticity of demand, and increased profits due to better pricing. An approximation of the dynamic prog...
متن کاملPricing and Prioritizing Time-Sensitive Customers with Heterogeneous Demand Rates
We consider the pricing/lead-time menu design problem for a monopoly service where time-sensitive customers have demand on multiple occasions. Customers differ in their demand rates and valuations per use. We compare a model where the demand rate is the private information of the buyers to a model where the firm has full information. The model assumes that customers queue for a finite-capacity ...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: IEEE Transactions on Smart Grid
سال: 2018
ISSN: 1949-3053,1949-3061
DOI: 10.1109/tsg.2017.2700458