Pricing Mechanisms for Distributed Prosumers
Interdisciplinary Areas: | Data/Information/Computation, Smart City, Infrastructure, Transportation, Future Manufacturing |
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Project Description
We consider users who may have resources that they have production as well as demand with time-varying capabilities (e.g., energy). Such users can behave as consumers or producers (hence, we denote them as prosumers) at different time instances. We consider a tiered market where the central entity selects a price function, which reveals price in the real time based on the total demand. In the real time, a prosumer can buy from another prosumer in an exchange market knowing the price from the central market. The exchange price is set by a platform and can be different for different sellers. A prosumer is a selfish entity, which selects the amount of resources it wants to buy either from the central market or from other prosumers or the amount of excess resources it wants to sell to other prosumers by maximizing its own payoff. However, the strategy and the payoff of a prosumer inherently depend on the strategy of other prosumers as a prosumer can only buy if the other prosumers are willing to sell. The interplay across prosumers can happen in any of the production system, e.g., different corporations who exchange products and can get products from each other or sell/buy from central entities. Waste for one corporation may be good for another which may be better to exchange as compared to buying/selling on the central markets. Such collaborations can help prosumers and can take the load off the central market making it more competitive too.
Start Date
June 2020
Postdoc Qualifications
The postdoc should have experience in game theory and machine learning, with a preferred background in ECE/Stats/Math or related areas.
Co-advisors
Vaneet Aggarwal
vaneet@purdue.edu
https://engineering.purdue.edu/CLANLabs
Shweta Singh
singh294@purdue.edu
https://sites.google.com/site/shwetasinghlab/
References
Arnob Ghosh, Vaneet Aggarwal, and Hong Wan, "Strategic Prosumers: How to set the prices Dynamically in a Tiered Market?," IEEE Transactions on Industrial Informatics, vol. 15, no. 8, pp. 4469-4480, Aug. 2019