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UID:401@lincs.fr
DTSTART;TZID=Europe/Paris:20180926T140000
DTEND;TZID=Europe/Paris:20180926T150000
DTSTAMP:20181025T084126Z
URL:https://www.lincs.fr/events/tbc-3/
SUMMARY:Irrational Agents and the Power Grid
DESCRIPTION:For decades power systems academics have proclaimed the need
 for real time prices to create a more efficient grid. The rationale is
 economics 101: proper price signals will lead to an efficient outcome. In
 this talk we argue that competitive equilibrium theory does support the
 real-time price paradigm\, provided we impose a particular model of
 rationality. However that this standard model of consumer utility does not
 match reality: the products of interest to the various "agents" are complex
 functions of time. The product of interest to a typical consumer is only
 loosely related to electric power -- the quantity associated with price
 signals. &nbsp\;There is good news: an efficient outcome is easy to
 describe\, and we have the control technology to achieve it. We need
 supporting market designs that respect dynamics and the enormous fixed
 costs that are inherent in power systems engineering\, recognizing that we
 need incentives on many time-scales. Most likely the needed economic theory
 will be based on an emerging theory of efficient and robust contract
 design.\n\nThe lecture will focus on the “efficient outcome”\, obtained
 through the distributed control approaches of Busic &amp\; Meyn. &nbsp\; It
 is hoped that the economic solutions will be identified in real-time by the
 end of the lecture!\n&nbsp\;
CATEGORIES:Seminars,Youtube
LOCATION:LINCS / EIT Digital\, 23 avenue d'Italie\, 75013 Paris\, France
X-APPLE-STRUCTURED-LOCATION;VALUE=URI;X-ADDRESS=23 avenue d'Italie\, 75013
 Paris\, France;X-APPLE-RADIUS=100;X-TITLE=LINCS / EIT Digital:geo:0,0
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TZID:Europe/Paris
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DTSTART:20180325T030000
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