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http://dx.doi.org/10.7737/JKORMS.2014.39.1.049

Demand Response Real Time Pricing Model for Smart Grid Considering Consumer Behavior and Price Elasticity  

Moon, Yongma (College of Business Administration, The University of Seoul)
Publication Information
Journal of the Korean Operations Research and Management Science Society / v.39, no.1, 2014 , pp. 49-67 More about this Journal
Abstract
This paper proposes a real time pricing model for smart grid considering consumers' behavior, real time price elasticity, and exogenous price. Based on the proposed model, we found the weight of utility over cost is the most sensitive factor compared to other factors. Also, if the electricity price is set to be changed too sensitively to energy consumption, it is warned that real time pricing sometimes can cause increment of peak-time demand and volatility. Finally, real time pricing could be less efficient when the difference between the maximum and the minimum consumption level is small.
Keywords
Smart Grid; Real Time Pricing; Consumer Behavior; Price Elasticity;
Citations & Related Records
Times Cited By KSCI : 3  (Citation Analysis)
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