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has been cited by the following article:

• TITLE: Modeling and Design of Real-Time Pricing Systems Based on Markov Decision Processes

  AUTHORS: Koichi Kobayashi, Ichiro Maruta, Kazunori Sakurama, Shun-ichi Azuma

  KEYWORDS: Markov Decision Process, Optimal Control, Real-Time Pricing System

  JOURNAL NAME: Applied Mathematics, Vol.5 No.10, June 3, 2014

  ABSTRACT: A real-time pricing system of electricity is a system that charges different electricity prices for different hours of the day and for different days, and is effective for reducing the peak and flattening the load curve. In this paper, using a Markov decision process (MDP), we propose a modeling method and an optimal control method for real-time pricing systems. First, the outline of real-time pricing systems is explained. Next, a model of a set of customers is derived as a multi-agent MDP. Furthermore, the optimal control problem is formulated, and is reduced to a quadratic programming problem. Finally, a numerical simulation is presented.