Center of Autonomy and AI, Center for Cyber-Physical Systems and the Internet of Things, and Ming Hsieh Institute Seminar Series
Wed, Sep 14, 2022 @ 02:00 PM - 03:00 PM
Ming Hsieh Department of Electrical and Computer Engineering
Conferences, Lectures, & Seminars
Speaker: Bharadwaj Satchidanandan, Massachusetts Institute of Technology
Talk Title: Mechanism Design for Next-Generation Electricity Markets
Series: Center for Cyber-Physical Systems and Internet of Things
Abstract: The power system is on the cusp of a revolution. The coming decade could witness increased renewable energy penetration, Electric Vehicle (EV) penetration, EV energy storage integration, demand response programs, etc. These changes have a profound impact on electricity market operations. New mechanisms must be devised to address a variety of important problems that are anticipated to arise in next-generation electricity markets. Most of the existing mechanism design settings are insufficient to model certain crucial features of these problems. To address this, we introduce the setting of Two-Stage Repeated Stochastic Games using which many problems that arise in the context of electricity markets can be readily modeled. We then present a mechanism for two-stage repeated stochastic games that implements truth-telling as a Dominant Strategy Non-Bankrupting Equilibrium --- a new notion of equilibrium that we have introduced for games. The mechanism also guarantees individual rationality and maximizes social welfare.
Biography: Bharadwaj Satchidanandan is a postdoctoral researcher at Massachusetts Institute of Technology where he is advised by Prof. Munther Dahleh. He received his Ph.D. in 2019 from Texas A&M University where he was advised by Prof. P. R. Kumar. His research interests include cyber-physical systems, security, renewable energy, mechanism design, game theory, etc.
Host: Pierluigi Nuzzo, firstname.lastname@example.org
Audiences: Everyone Is Invited
Contact: Talyia White