In this paper, verification of real-time pricing systems of electricity is considered using a probabilistic Boolean network (PBN). In real-time pricing systems, electricity conservation is achieved by manipulating the electricity price at each time. A PBN is widely used as a model of complex systems, and is appropriate as a model of realtime pricing systems. Using the PBN-based model, real-time...

We revisit the problem of real-time pricing for load frequency balancing introduced in [3]. Taking inspiration from the Vickrey-Clarke-Groves (VCG) mechanism, we derive incremental price functions that implement the optimal solution in Nash equilibrium. We then compare this pricing scheme with some recent dynamic mechanisms.

In many service industries, the firm adjusts the product price dynamically by taking into account the current product inventory and the future demand distribution. Because the firm can easily monitor the product inventory, the success of dynamic pricing relies on an accurate demand forecast. In this paper, we consider a situation where the firm does not have an accurate demand forecast, but can...

The last decade has seen a deluge in data collection and dissemination across a broad range of areas. This phenomena has led to creation of online data markets where entities engage in sale and purchase of data. In this scenario, the key challenge for the data market platform is to ensure that it allows real time, scalable, arbitrage-free pricing of user queries. At the same time, the platform ...

Online publishers rely on real-time bidding (RTB) markets to sell their remnant inventory and increasingly to command higher prices for “premium” content. However, content providers have lagged advertisers historically in the sophistication of their pricing models, as evidenced by the large increase in demand-side platforms without corresponding investment on the sell-side. Informed advertisers...

Electricity Real Time Pricing (RTP) tariffs inter alia have Demand Side Management (DSM) as a main aim. Customers are billed according to hourly fluctuating energy prices. Essentially RTP pricing signals can be seen as control inputs to change customer load usage. It is suggested that optimised pricing signals sent to RTP customers can lead to a much more efficient DSM initiative. This paper de...

Most US consumers are charged a near-constant retail price for electricity, despite substantial hourly variation in the wholesale market price. This paper evaluates a randomized experiment that exposed households to hourly real time pricing (RTP) and applies the demand estimates to counterfactual simulations in a structural model of the Pennsylvania-Jersey-Maryland electricity market. The model...

The California electric company, i.e., PG&E (Pacific Gas and Electric Co.,), has recently announced its intentions to charge small businesses in the state with dynamic prices for electricity consumption. In this regard, we study a real-time electricity pricing model in the paper and compare it with two static pricing models. We show that real-time pricing outplays static pricing when it comes t...