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.
|Title of host publication||Proceedings of the Conference on Decision and Control 2019|
|Number of pages||6|
|Publication status||Published - 12-Mar-2020|
|Event||58th Conference on Decision and Control (CDC2019) - Nice, France|
Duration: 11-Dec-2019 → 13-Dec-2019
|Conference||58th Conference on Decision and Control (CDC2019)|
|Period||11/12/2019 → 13/12/2019|