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SUMMARY:A mean-field game model for management of distributed storages for
  the power system - Clemence Alasseur (EDF\, France)
DTSTART:20190111T090000Z
DTEND:20190111T100000Z
UID:TALK116839@talks.cam.ac.uk
CONTACT:INI IT
DESCRIPTION:We consider a stylized model for a power network with distribu
 ted local power generation and storage. This system is modeled as a networ
 k connection of a large number of nodes\, where each node is characterized
  by a local electricity consumption\, has a local electricity production (
 e.g. photovoltaic panels)\, and manages a local storage device. Depending 
 on its instantaneous consumption and production rate as well as its storag
 e management decision\, each node may either buy or sell electricity\, imp
 acting the electricity spot price. The objective at each node is to minimi
 ze energy and storage costs by optimally controlling the storage device. I
 n a non-cooperative game setting\, we are led to the analysis of a non-zer
 o sum stochastic game with N players where the interaction takes place thr
 ough the spot price mechanism. For an infinite number of agents\, our mode
 l corresponds to an Extended Mean-Field Game (EMFG). We are able to compar
 e this solution to the optimal strategy of a central planner and in a line
 ar quadratic setting\, we obtain and explicit solution to the EMFG and we 
 show that it provides an approximate Nash-equilibrium for N-player game.
LOCATION:Seminar Room 1\, Newton Institute
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