Mean Field Games on Prosumers

Wouter Baar, Dario Bauso

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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 languageEnglish
Title of host publicationProceedings of the Conference on Decision and Control 2019
PublisherIEEE
Pages311-316
Number of pages6
ISBN (Electronic)9781728113982
ISBN (Print)978-1-7281-1398-2
DOIs
Publication statusPublished - Dec-2019
Event58th Conference on Decision and Control (CDC2019) - Nice, France
Duration: 11-Dec-201913-Dec-2019

Publication series

NameProceedings of the IEEE Conference on Decision and Control
Volume2019-December
ISSN (Print)0743-1546

Conference

Conference58th Conference on Decision and Control (CDC2019)
Country/TerritoryFrance
CityNice
Period11/12/201913/12/2019

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