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A Market-Based Optimization Algorithm for Distribution Systems

Country : Singapore
Department : Singapore Management University
Project Title : A Market-Based Optimization Algorithm for Distribution Systems
Researcher : WHINSTON, Andrew B. , KOEHLER, Gary J. , GUO, Zhiling
Keyword : Theory and Algorithms , Numerical Analysis and Scientific Computing , Databases and Information Systems , algorithm , distributed systems , resource allocation , decomposition , market-based
Publisher : Institutional Knowledge at Singapore Management University
Year End : 2007
Identifier : https://doi.org/10.1287/mnsc.1060.0690 , https://ink.library.smu.edu.sg/sis_research/1863
Source : Research Collection School Of Computing and Information Systems
Abstract / Description :

In this paper, a market-based decomposition method for decomposable linear systems is developed. The solution process iterates between a master problem that solves the market-matching problem, and subproblems that solve the agents’ bundle-determination problems. Starting from any initial price and feasible allocation, system optimality can be achieved under a dynamic market-trading algorithm in a finite number of trades. The final market-clearing prices are discovered by this market trading and an efficient allocation is achieved by direct, wealth-improving resource exchanges among self-interested agents. Certain types of strategic behavior by the agents and a dealer in the marketplace are studied as well. Our proposed market mechanism addresses price dynamics, incentive issues, and economic transactions of real-world, distributed decision-making situations more realistically than traditional decomposition approaches. In addition, it can be operated in both synchronous and asynchronous environments. We provide a market-based paradigm for decentralized problem solving and information processing that can be easily implemented to support real-time optimization of distributed systems.

References

WHINSTON, Andrew B.,KOEHLER, Gary J. and GUO, Zhiling. (2007). A Market-Based Optimization Algorithm for Distribution Systems.  Singapore: Singapore Management University.
WHINSTON, Andrew B.,KOEHLER, Gary J. and GUO, Zhiling. 2007. "A Market-Based Optimization Algorithm for Distribution Systems".  Singapore: Singapore Management University.
WHINSTON, Andrew B.,KOEHLER, Gary J. and GUO, Zhiling. "A Market-Based Optimization Algorithm for Distribution Systems."  Singapore: Singapore Management University, 2007. Print.
WHINSTON, Andrew B.,KOEHLER, Gary J. and GUO, Zhiling. A Market-Based Optimization Algorithm for Distribution Systems. Singapore: Singapore Management University; 2007.

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