Mean Field Games on Prosumers

Wouter Baar; Dario Bauso

doi:10.1109/CDC40024.2019.9030034

Mean Field Games on Prosumers

Wouter Baar, Dario Bauso

Optimization and Decision Systems

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Academic › peer-review

1 Citation (Scopus)

70 Downloads (Pure)

Abstract

In the realm of dynamic demand, prosumers are agents that can produce and consume goods. In this paper, we study a large population of prosumers and the strategy of each prosumer depends on the average behavior of the population. Every prosumer optimizes his own objective function and we formulate the problem as a first order mean field game. We study the corresponding linear quadratic optimal control problem, which gives us a mean field equilibrium. Finally, a connection to the Bass model is studied. A numerical experiment covering our findings concludes the paper.

Original language	English
Title of host publication	Proceedings of the Conference on Decision and Control 2019
Publisher	IEEE
Pages	311-316
Number of pages	6
ISBN (Electronic)	9781728113982
ISBN (Print)	978-1-7281-1398-2
DOIs	https://doi.org/10.1109/CDC40024.2019.9030034
Publication status	Published - Dec-2019
Event	58th Conference on Decision and Control (CDC2019) - Nice, France Duration: 11-Dec-2019 → 13-Dec-2019

Publication series

Name	Proceedings of the IEEE Conference on Decision and Control
Volume	2019-December
ISSN (Print)	0743-1546

Conference

Conference	58th Conference on Decision and Control (CDC2019)
Country/Territory	France
City	Nice
Period	11/12/2019 → 13/12/2019

Access to Document

10.1109/CDC40024.2019.9030034

Mean Field Games on ProsumersFinal publisher's version, 453 KBLicence: Taverne

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Cite this

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title = "Mean Field Games on Prosumers",

abstract = "In the realm of dynamic demand, prosumers are agents that can produce and consume goods. In this paper, we study a large population of prosumers and the strategy of each prosumer depends on the average behavior of the population. Every prosumer optimizes his own objective function and we formulate the problem as a first order mean field game. We study the corresponding linear quadratic optimal control problem, which gives us a mean field equilibrium. Finally, a connection to the Bass model is studied. A numerical experiment covering our findings concludes the paper.",

author = "Wouter Baar and Dario Bauso",

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N2 - In the realm of dynamic demand, prosumers are agents that can produce and consume goods. In this paper, we study a large population of prosumers and the strategy of each prosumer depends on the average behavior of the population. Every prosumer optimizes his own objective function and we formulate the problem as a first order mean field game. We study the corresponding linear quadratic optimal control problem, which gives us a mean field equilibrium. Finally, a connection to the Bass model is studied. A numerical experiment covering our findings concludes the paper.

AB - In the realm of dynamic demand, prosumers are agents that can produce and consume goods. In this paper, we study a large population of prosumers and the strategy of each prosumer depends on the average behavior of the population. Every prosumer optimizes his own objective function and we formulate the problem as a first order mean field game. We study the corresponding linear quadratic optimal control problem, which gives us a mean field equilibrium. Finally, a connection to the Bass model is studied. A numerical experiment covering our findings concludes the paper.

U2 - 10.1109/CDC40024.2019.9030034

DO - 10.1109/CDC40024.2019.9030034

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SN - 978-1-7281-1398-2

T3 - Proceedings of the IEEE Conference on Decision and Control

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BT - Proceedings of the Conference on Decision and Control 2019

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