Integrating Energy Storage Into the Smart Grid: A Prospect Theoretic Approach

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Provided by: Princeton Software
Topic: Storage
Format: PDF
In this paper, the interactions and energy exchange decisions of a number of geographically distributed storage units are studied under decision-making involving end-users. In particular, a non-cooperative game is formulated between customer-owned storage units where each storage unit's owner can decide on whether to charge or discharge energy with a given probability so as to maximize a utility that reflects the tradeoff between the monetary transactions from charging/discharging and the penalty from power regulation. Unlike existing game-theoretic works which assume that players make their decisions rationally and objectively, the authors use the new framework of Prospect Theory (PT) to explicitly incorporate the users' subjective perceptions of their expected utilities.
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