Title :
Pricing of electric power under uncertainty: information and efficiency
Author :
Ishikida, Takashi ; Varaiya, Pravin P.
Author_Institution :
Dept. of Humanities & Social Sci., California Inst. of Technol., Pasadena, CA, USA
fDate :
5/1/1995 12:00:00 AM
Abstract :
Schemes for pricing electric power are compared in terms of how well they coordinate the decisions of participants-consumers, suppliers, regulators. A scheme is analyzed along two dimensions: the aspects of participants private information that the scheme reveals; and the efficiency of the allocation the scheme reaches. Information aspects are studied within the framework of economic mechanism theory; allocation efficiency is studied within a stochastic recourse model which takes into account consumer loss due to rationing
Keywords :
costing; economics; power systems; stochastic processes; uncertain systems; allocation efficiency; consumer loss; consumers; economic mechanism theory; electric power pricing; information; regulators; stochastic recourse model; suppliers; uncertainty; Costs; Demand forecasting; Information analysis; Power engineering computing; Power generation economics; Power supplies; Pricing; Stochastic processes; Supply and demand; Uncertainty;
Journal_Title :
Power Systems, IEEE Transactions on
