role of residential demand response in modern electricity markets abstract electricity generation must match the demand at each instant following seasonal patterns and instantaneous fluctuations thus one of the biggest drivers of costs and capacity requirements is the electricity demand that occurs during peak periods this paper reviews market related problems of modern electric grids and possible solutions to address them in particular one techno economical solution namely residential demand response programs enabled by a smart grid is analyzed and modeled in detail the implications of this solution from both economic and policy perspectives are discussed the analysis results in several insights first a local optimum does not generally lead to a global optimum especially for complex markets second in this approach there exists a disconnection between the locus of the problem electric utilities and the locus of the solution change of demand third any techno economic solution must be carefully designed and global impact should be evaluated to ensure that the final objective is achieved and fourth two way communication is an essential requirement for the successful deployment of smart grids

measuring the financial impact of demand response for electricity retailers abstract due to the integration of intermittent resources of power generation such as wind and solar the amount of supplied electricity will exhibit unprecedented fluctuations electricity retailers can partially meet the challenge of matching demand and volatile supply by shifting power demand according to the fluctuating supply side the necessary technology infrastructure such as advanced metering infrastructures for this so called demand response dr has advanced however little is known about the economic dimension and further effort is strongly needed to realistically quantify the financial impact to succeed in this goal we derive an optimization problem that minimizes procurement costs of an electricity retailer in order to control demand response usage the evaluation with historic data shows that cost volatility can be reduced by 7 74 peak costs drop by 14 35 and expenditures of retailers can be significantly decreased by 3 52

evaluating the impacts of real time pricing on the usage of wind generation one of the impediments to large scale use of wind generation within power systems is its nondispatchability and variable and uncertain real time availability operating constraints on conventional generators such as minimum generation points forbidden zones and ramping limits as well as system constraints such as power flow limits and ancillary service requirements may force a system operator to curtail wind generation in order to ensure feasibility furthermore the pattern of wind availability and electricity demand may not allow wind generation to be fully utilized in all hours one solution to these issues which could reduce these inflexibilities is the use of real time pricing rtp tariffs which can both smooth out the diurnal load pattern in order to reduce the impact of binding unit operating and system constraints on wind utilization and allow demand to increase in response to the availability of costless wind generation we use and analyze a detailed unit commitment model of the texas power system with different estimates of demand elasticities to demonstrate the potential increases in wind generation from implementing rtp

integration scenarios of demand response into electricity markets load shifting financial savings and policy implications abstract demand response allows for the management of demand side resources in real time i e shifting electricity demand according to fluctuating supply when integrated into electricity markets demand response can be used for load shifting and as a replacement for both control reserve and balancing energy these three usage scenarios are compared based on historic german data from 2011 to determine that load shifting provides the highest benefit its annual financial savings accumulate to 3 110 m for both households and the service sector this equals to relative savings of 2 83 compared to a scenario without load shifting to improve demand response integration the proposed model suggests policy implications reducing bid sizes delivery periods and the time lag between market transactions and delivery dates in electricity markets

stochastic modelling of renewable energy sources from operators point of view a survey abstract high penetration of renewable energy sources especially weather dependent sources has increased the power systems uncertainties for any analysis in power systems such as planning and operation it is essential to confront the stochastic nature of these sources in order to get much more precise results since operators need proper strategies and methods to decline negative effects of the stochastic behaviour of renewable power generators such as total operation cost growth this paper provides a review of different state of the art approaches from the operator s viewpoint for handling the stochastic behaviour of renewable sources hence in this paper three different strategies are categorized for stochastic analysis of these sources the first strategy is mathematical modelling including stochastic dependency and independency multi dimensional dependence forecast and scenarios afterwards demand side management which is one of the other approaches for dealing with these uncertainties is investigated and different demand response programs and some methods to model them are presented finally the effect of different electricity market schemes and relevant optimization methods to mitigate the variations of renewable energy sources are discussed the study demonstrates that an operator should choose one or a combination of these three approaches based on its requirements

innovation and bureaucracy under soft and hard budget constraints because of the inherent uncertainty promotion of innovation critically depends on screening mechanisms to select projects this paper studies the relationship between bureaucracy and financial constraints as two such mechanisms the lack of commitment to hard financial constraints interferes with its ex post screening capability ex ante bureaucratic screening is optimally chosen as a substitute however bureaucracy makes mistakes by rejecting promising projects and delays innovation and the efficiency loss due to soft financial constraints increases as prior knowledge becomes worse and as research stage investment requirements become lower in a centralized economy bureaucracy may reduce the number of parallel projects particularly for projects with higher uncertainties and less research stage requirements this theory fits much of the evidence and in particular it explains why the computer industry but not the nuclear or aerospace industries has fared so poorly in centralized economies the fundamental importance of innovation to the survival and evolution of economic systems and organizations has long been recognized marx 1978 schumpeter 1950 innovation is characterized by its inherent uncertainty because it is a process whose every element takes considerable time in revealing its true features and ultimate effects schumpeter 1950 p 83 and people are unable to anticipate the future impact of successful innovations even after their technical feasibility has been established rosenberg 1994 an understanding of how different systems and organizations deal with the uncertainties associated with innovation and the resultant consequences is crucial for understanding alternative economic systems and organizations in this paper we provide a theory to analyse how different systems screen uncertain innovative projects and the impact of the various screening mechanisms on those systems we distinguish two alternative screening mechanisms the bureaucratic screening mechanism vs the market screening mechanism the latter is directly linked to financial constraints with this perspective our theory explains why centralized economies did well in certain areas of innovation but fared poorly in others for instance in the early 1960s the west was frightened by the ussr s great success in launching the first unmanned satellite and the first manned space capsule while in the 1980s in contrast the centralized system

gradual versus rapid liberalization in socialist economies the problem of macroeconomic control from 1978 to 1992 china experienced gradual liberalization with a fairly stable price level the more rapid liberalization attempted after 1989 in eastern europe and the former ussr generated much higher inflation yet both regions fiscal policies were similar as in formerly socialist europe in china the share of government revenue in gross national product gnp has fallen sharply nevertheless china avoided resorting to the inflation tax the resulting enormous growth in saving and in stock of financial assets allowed the liberalized sector to finance itself the chinese government and the deficits of the slowly reforming state enterprises important aspects of china s dualistic banking and pricing policies could well be adopted in other transitional socialist economies but such incredibly high real financial growth is not feasible in russia or in formerly socialist europe thus to prevent inflation fiscal reforms should come much earlier in their transitions than they did in china s

the breakdown of hierarchies in the soviet union and china a neoinstitutional perspective why did modest attempts to decentralize the centrally administered soviet system lead to its collapse while more far reaching decentralization in china left central political and administrative hierarchies intact this article analyzes the disintegration of centrally planned organizations in the context of a neoinstitutional model of the breakdown of authority within hierarchies an agency model of hierarchy is presented that incorporates the ambiguous property rights authority relations and risk sharing conditions that prevailed under central planning and then persist during postcommunist transitions this model suggests that decentralizing reforms could trigger an organizational bank run prompting local agents to seize organizational assets under their control the article also considers reputation preserving strategies that central authorities might use to avert disintegration as an application of this model the collapse of soviet political industrial and state fiscal hierarchies are considered and compared with the experience of analogous sectors in china reforms in both states transferred significant autonomy from the center to local field agents in the soviet case these agents appropriated organizational assets with little interference from the center in china by contrast the center preserved both its capacity for monitoring and its reputation for disciplining transgressions and the rise of hybrid ownership forms made expropriation of state and party assets far less attractive

competition and the ratchet effect in labor markets the ratchet effect refers to a situation where workers subject to performance pay choose to restrict their output because they rationally anticipate that firms will respond to higher output levels by raising output requirements or by cutting pay we model this effect as a multiperiod principal agent problem with hidden information and study its robustness to labor market competition both theoretically and experimentally consistent with our theoretical model we observe substantial ratchet effects in the absence of competition which are nearly eliminated when competition is introduced this is true regardless of whether market conditions favor firms or workers

gender wage inequality in inclusive and exclusive industrial relations systems a comparison of argentina and chile drawing on an empirical and comparative mixed methods analysis of argentina and chile this article investigates arguments about the role of inclusive versus exclusive industrial relations systems in promoting gender wage equity and enabling attractive wage returns to women investing in higher education our findings confirm the importance of argentina s inclusive industrial relations system in narrowing gender pay differences to a greater extent than chile nevertheless chile s industrial relations institutions are not wholly exclusive its high level statutory minimum wage has played a strongly distributive role in the 2000s and compressed wages in the lower half of the wage distribution also notable is the finding from quantile regression that highly educated women in high paid jobs enjoy a larger wage premium in the class equal argentina than in chile despite a far wider wage gap between low high educated workers in chile overall

a stochastic multi layer agent based model to study electricity market participants behavior this paper presents a new stochastic multi layer agent based model to study the behavior of electricity market participants the wholesale market players including renewable power producers are modeled in the first layer of the proposed multi agent environment the players optimize bidding offering strategies to participate in the electricity markets in the second layer responsive customers including plug in electric vehicle pev owners and consumers who participate in demand response dr programs are modeled as independent agents the objective of the responsive customers is to increase their benefit while retaining welfare the interaction between market players in day ahead and real time markets is modeled using an incomplete information game theory algorithm due to the uncertainties of resources and customers behavior the model is developed using a stochastic framework a case study containing wind power producers wpps pev aggregators and retailers providing dr is considered to demonstrate the usefulness and proficiency of the proposed multi layer agent based model

equal pay as a moving target international perspectives on forty years of addressing the gender pay gap this paper provides an overview of the key factors impacting upon the gender pay gap in the uk europe and australia forty years after the implementation of the first equal pay legislation the pay gap remains a key aspect of the inequalities women face in the labour market while the overall pay gap has tended to fall in many countries over the past forty years it has not closed in some countries it has been stubbornly resistant or has even widened in reviewing the collection of papers that make up this special issue we identify four broad themes with which to group the contributions and draw out the explanations for diverse trends theoretical and conceptual debates legal developments and their impacts wage setting institutions and changing employer demands and newly emerging pay inequalities between and within educational and ethnic groups across the four themes we underline how the trends in the gender pay gap capture the dynamism of inequalities as the market power of different groups and stakeholders changes over times three key dimensions emerge from the papers to provide a framework for future research and policy discourse the relationship between litigation and bargaining strategies the interaction between wage setting institutions and new organisational practices and the increasing and range of diversity or equality strands competing for equal treatment we conclude that progress towards closing the gender pay gap will not be easy will require a collective effort of various actors and will not be quick

managing r d in vertical relationships we study the optimal strategy for research and development r d in a buyer supplier relationship the buyer chooses whether to 1 insource a cost reducing r d to its own research subunit or to 2 outsource it to its manufacturing supplier the buyer cannot observe the r d effort in either case but can better observe the r d result when the r d is conducted internally according to our analysis the buyer prefers insourcing r d to mitigate information asymmetry when the r d cost is either small or large when the r d cost is intermediate however the buyer prefers outsourcing r d and can achieve the full information outcome first best outcome despite the information asymmetry associated with outsourcing r d moreover the buyer s preference for outsourcing high cost r d increases when the r d is more likely to succeed or to generate significant cost reductions or the r d result is more difficult to predict our analysis provides a theoretical explanation for the increasing trend of outsourcing innovation to manufacturing suppliers jel d82 l22 l23

business models as drivers of the low carbon power system transition a multi level perspective abstract decarbonising the electrical power system holds a critical role in climate change mitigation recent developments in technology are helping change the current centralized paradigm into one of integrated distributed clean energy resources in spite of these developments radical transformation is not occurring at a speed to effectively meet environmental targets mostly due to the incumbent carbon lock in trajectory we argue that business model bm innovation dynamics are key drivers in accelerating the low carbon power system transition often operating irrespective of the underlying technology we combine bm theory with the multi level perspective on sociotechnical transitions to present a useful framework to analyze this potential transition this paper presents the application of this framework characterizing relevant bm dynamics of niche and regime business actors and supporting these with illustrative examples particularly we find that new actors in the distributed energy business are achieving market scale by offering financially innovative bms that do not require upfront costs from customers higher penetrations of renewable energy sources in liberalized electricity markets are destabilizing the historical bm of large centralized utilities through erosion of wholesale prices furthermore a shift towards distributed and dynamic energy resources further challenges incumbents and might bring opportunities for bms focused on active customer participation and social value creation as these tendencies are expected to accelerate we find analyses of bms will have important relevance for future power system transition research

review of dynamic pricing programs in the u s and europe status quo and policy recommendations with the development of demand response dr technologies and increasing electricity demand dynamic pricing has been a popular topic in many countries this paper evaluates various dynamic pricing programs in the u s and europe and provides insights into various aspects including risks and rewards enabling technologies lower income groups and customer types surrounding programs such as time of use tou critical peak pricing cpp peak time rebates ptr and real time pricing rtp we conclude this paper with three main findings 1 policy coordination in promoting dynamic pricing programs between federal and state regulatory agencies is very critical 2 customer engagement is very important and can be enhanced via more accessible educational programs and policy adjustments and 3 more investment in related r d is required to construct a commonly accepted methodology for measuring the effectiveness of dynamic pricing programs

the feasibility of 100 renewable electricity systems a response to critics abstract the rapid growth of renewable energy re is disrupting and transforming the global energy system especially the electricity industry as a result supporters of the politically powerful incumbent industries and others are critiquing the feasibility of large scale electricity generating systems based predominantly on re part of this opposition is manifest in the publication of incorrect myths about renewable electricity relec in scholarly journals popular articles media websites blogs and statements by politicians the aim of the present article is to use current scientific and engineering theory and practice to refute the principal myths it does this by showing that large scale electricity systems that are 100 renewable 100relec including those whose renewable sources are predominantly variable e g wind and solar pv can be readily designed to meet the key requirements of reliability security and affordability it also argues that transition to 100relec could occur much more rapidly than suggested by historical energy transitions it finds that the main critiques published in scholarly articles and books contain factual errors questionable assumptions important omissions internal inconsistencies exaggerations of limitations and irrelevant arguments some widely publicised critiques select criteria that are inappropriate and or irrelevant to the assessment of energy technologies ignore studies whose results contradict arguments in the critiques and fail to assess the sum total of knowledge provided collectively by the published studies on 100relec but instead demand that each individual study address all the critiques inappropriate criteria we find that the principal barriers to 100relec are neither technological nor economic but instead are primarily political institutional and cultural

the effect of current and prospective policies on photovoltaic system economics an application to the us midwest abstract this study models fundamental features of current and prospective policies encouraging adoption of residential photovoltaic pv systems a key finding is that time of day tod pricing can enhance or worsen the economics of pv systems moreover increased responsiveness of electricity demand to its price diminishes the effectiveness of tod pricing in the absence of net metering but does not affect it otherwise an application to plausible conditions in the state of indiana usa shows that current policies are unlikely to trigger adoption by a risk neutral forward looking residential customer however adoption of pv systems can be induced if the federal tax credit is increased to cover 48 of capital cost instead of the current 30 which could imply a cost to the federal government of about 0 95 kw of installed capacity depending on the panel s size we demonstrate that implementation of tod pricing can trigger adoption under a range of on and off peak price combinations but our analysis also shows that the cost effectiveness of tod pricing is enhanced at higher ratios of on peak to off peak prices

the gender wage gap a comparison of australia and canada using data from the 1989 canadian labour market activity survey and for australia the 1989 90 income distribution survey the authors investigate the reasons for the significantly lower gender wage gap in australia than in canada key similarities and differences between these two countries the authors argue make them a good basis for a natural experiment to investigate the effects of different labor market institutions in particular australia has a stronger union movement and a greater degree of centralization in wage determination than canada and most of its workers are covered by legally binding minimum working conditions the authors conclude that several differences between the countries in labor market structure notably a lower rate of return to education a lower rate of return to labor market experience and a lower level of wage inequality in australia than in canada are largely responsible for the smaller gender wage gap in australia

application of fuzzy q learning for electricity market modeling by considering renewable power penetration abstract by increasing renewable resource penetration the need for developing fast and reliable market modeling approaches in the presence of these resources has gained greater attention in this paper fuzzy q learning approach is proposed for hour ahead electricity market modeling in presence of renewable resources the proposed approach is implemented on ieee 30 bus test system the effectiveness of the proposed approach is evaluated and compared with q learning approach for both normal and stressful cases simulation results indicate that the proposed approach is able to model electricity market for a range of continuous multidimensional renewable power penetration in considerably less iterations compared with q learning approach moreover the probability of finding nash equilibrium is becoming higher by using fuzzy q learning approach while the other indices such as average social welfare average of locational marginal prices lmps and average standard of deviation of lmps do not change considerably

the organizational cost of protection abstract this paper offers another explanation for the proposition that protection induces slack it employs a model of a hierarchic firm in which the firm s owner cannot observe the cost type or the effort level of his manager a production subsidy by stimulating output may increase the marginal information rents that have to be paid to the manager for higher effort the resulting increase in the firm s marginal cost of effort leads to reduced managerial effort amplifying the intra firm effort distortion if effort is initially below the optimal level and yielding an organizational cost of protection additional to the standard deadweight cost

to innovate or not to innovate incentives and innovation in hierarchies hierarchical organizations often perform poorly in inducing the adoption of innovations the authors examine a principal offering contracts to agents who make unobservable effort and adoption of innovation choices yielding moral hazard who occupy jobs of differing unobserved productivities yielding adverse selection and who engage in a repeated relationship with the principal causing a ratchet effect to arise increasing the rate of adoption of an innovation in such an organization causes the incentive costs of adoption to increase at an increasing rate relatively low rates of adoption may then be a response to the prohibitive incentive costs of higher adoption rates copyright 1990 by american economic association

short term contracts and long term agency relationships abstract long term contracts are valuable only if optimal contracting requires commitment to a plan today that would not otherwise be adopted tomorrow we show that commitments are unnecessary and hence short term contracts are sufficient if 1 all public information can be used in contracting 2 the agent can acess a bank on equal terms with the principal 3 recontracting takes place with common knowledge about technology and preferences and 4 the frontier of expected utility payoffs generated by the set of incentive compatible contracts is downward sloping at all times

retrospectives lange and von mises large scale enterprises and the economic case for socialism in the debates over economic calculation launched by ludwig von mises in 1920 and extending well into the 1940s the central issue concerned the ability of a socialist economy to achieve allocative efficiency von mises emphasized that a collectivist state would have great difficulty in gathering and acting on relevant information therefore under socialism even well intentioned bureaucrats would lack a meaningful system of values on which to calculate defenders of socialism such as oskar lange countered that a market socialism could match demand to supply just as well as capitalism and meet the range of static conditions required for pareto optimality that debate is a rich and interesting story that has been told many times before but in all that has been written an important aspect of the original debate has been lost somewhat oddly both the socialists like oskar lange and the advocates of private ownership like von mises and friedrich hayek maintained that they were defending the progressive tendencies of competitive capitalism against the deadening hand of monopoly power this historic paradox deserves consideration if only because it serves to focus attention on our still incomplete theories of large scale enterprises under socialism and capitalism

a review of time use models of residential electricity demand residential electricity demand in most european countries accounts for a major proportion of overall electricity consumption the timing of residential electricity demand has significant impacts on carbon emissions and system costs this paper reviews the data and methods used in time use studies in the context of residential electricity demand modelling it highlights key issues which are likely to become more topical for research on the timing of electricity demand following the roll out of smart metres

review and comparison of demand response options for more effective use of renewable energy at consumer level abstract power grids have faced major challenges such as increasing consumption peak demand and co 2 emission distributed generation dg as a solution to these issues is affected by source intermittency grid side limited storage capabilities and supply demand mismatch in order to achieve more benefits and profits for both customers and the utility integrated demand management techniques can be used this paper reviews the issues caused by high penetration of renewables in power production depending on utility characteristics in addition several methods in the literature were reviewed and their both single and combined use was investigated with a comparison study in turkey in field data based simulations consumption of refrigerators were scheduled according to the output of a small scale pv system and changes in consumption in a year were calculated the results were analyzed and compared with each other from the standpoint of change in amount of power taken from grid number of active operation hours shifted to solar periods change in annual consumption and achievable savings in electricity bills in addition to the analysis and comparison of several management methods the paper also proposes a number of terms that widens applicability and can be used in decision making processes

gaming against managers in incentive systems experimental results with chinese students and chinese managers we examine strategic interactions between firms and planners in china comparing behavior between i students and managers with field experience with this situation ii standard versus increased monetary incentives and iii sessions conducted in context making explicit reference to interactions between planners and managers and those without any such references the dynamics of play are similar across treatments with play only gradually and incompletely converging on a pooling equilibrium a fivefold increase in incentives significantly increases initial levels of strategic play games played in context generated greater levels of strategic play for managers with minimal impact on students

gender and the new inequality explaining the college non college wage gap the new inequality is often characterized by the increasing wage gap between workers with a college education and those without yet although the gap in hourly wages between college educated and non college educated women is high and rising the topic has been overshadowed by research on gender inequality and wage inequality among men using the 1990 5 percent public use microdata samples independent sources of macro data and controls for individual human capital characteristics i examine the association between the college non college wage gap and key aspects of local economic conditions for women and men while the college non college wage gap among women is comparable in size to the gap among men significant gender differences emerge in the underlying sources of high wage gaps in over 500 labor markets across the united states compared with men flexible and insecure employment conditions e g joblessness casualization and immigration are more important in fostering high wage gaps among women than are technology trade and industrial composition the prevailing explanations of rising wage inequality over time based on these gender differences i reconsider the debate on labor market restructuring and inequality and discuss a new analytical focus on differences in within gender inequality

smart demand response in china challenges and drivers abstract smart demand response sdr induces change in electricity consumption by end users in response to price signals or incentives via smart infrastructures in china sdr programs are instrumental in peak shaving renewables integration emissions reduction and grid reliability improvement previous literature has not captured the effects of the latest development of electricity market reform on sdr our work is distinguished from prior work by a comprehensively identifying china specific sdr challenges by contrasting these with international experience b identifying effective drivers to overcome new market challenges and c recommending policies and providing insights into china s future sdr development our paper identifies three major challenges for sdr development and adoption in china namely financial and market consumer and infrastructural challenges in parallel we identify drivers to overcome these challenges including electricity market reform introduction of new market entrants and development of decentralized electricity systems finally we put forth china specific policy recommendations including continuous market reform performance based regulations for national utilities a level playing field for new market entrants and investments on consumer based technologies these measures aim to create equitable compensations to sdr align the interests of utilities with sdr initiatives provide incentives for consumer outreach and improve the responsiveness of consumers to sdr signals

electrical demand side contribution to frequency control in power systems a review on technical aspects abstract demand side participation in frequency control in power systems which leads to reduced reliance on conventional thermal units in procuring essential control functions of future energy networks has gained increased developments in recent years in this context the aim of this paper is to provide a review on various design and control schemes of electrical load contribution to frequency control algorithms both centralized and decentralized control structures are discussed in details the problem of synchronization of certain types of electrical loads and different proposed methods of avoiding it are also presented and discussed synchronization which is a consequence of collective controllable demand response to system disturbances might put the power system in jeopardy and cause its failure therefore in order to fully comprehend the causes and effects of this phenomenon an investigation of this event in a power grid with high level of controllable electrical loads is necessary

demand response in smart electricity grids equipped with renewable energy sources a review abstract dealing with renewable energy resources rers requires sophisticated planning and operation scheduling along with state of art technologies among many possible ways for handling rers demand response dr is investigated in the current review because of every other year modifications in dr definition and classification announced by federal energy regulatory commission ferc the latest dr definition and classification are scrutinized in the present work moreover a complete benefit and cost assessment of dr is added in the paper measurement and evolution methods along with the effects of dr in electricity prices are discussed next comes dr literature review of the recent papers majorly published after 2008 eventually successful dr implementations around the world are analyzed

a review on implementation strategies for demand side management dsm in kuwait through incentive based demand response programs abstract since the export of fossil fuel is the backbone of kuwait s economy the enormous upsurge in the internal fuel consumption creates anguish and bane at present 46 of the internal fossil fuel consumption is used for electricity generation the increase in fuel consumption hurled kuwait as one of the highest per capita electricity consuming as well as co 2 emitting countries in the world consumers pay only 6 of the production cost of electricity the government subsidizes the balance which is one of the major reasons behind the high electricity consumption in the country any reduction in electricity consumption can positively reflect on both per capita electricity consumption and co 2 emission additionally the saved fossil fuel can be exported to generate revenue to support the country s economy worldwide demand side management dsm is considered as an effective tool to curtail electricity demand the objective of this review paper is to explore the available literature to find out the most suitable dsm measures to control the growth of per capita electricity consumption in kuwait after conducting a detailed strengths weaknesses opportunities and threats swot analysis it is concluded that incentive based demand response programs can be considered as one of the most suitable solutions to address this problem

efficient coordination of wind power and price responsive demand part ii case studies in part ii of this paper we demonstrate on a modified 24 bus ieee reliability test system rts that it is indeed possible to manage large scale intermittent resources in coordination with price responsive demand the algorithms introduced in part i of this paper are simulated assuming 20 and 50 wind capacity we show that the look ahead dispatch of the proposed method is physically implementable and when used with elastic demand can accommodate the integration of close to 50 wind capacity this is contrasted with the observation that without elastic demand 50 wind integration is not physically implementable from the perspective of total market surplus the predictive dispatch of the proposed method is 3 8 suboptimal when compared to the centralized most efficient predictive economic dispatch further simulations are needed to test the feasibility of coordinating wind power and price responsive demand on realistic large scale power systems

a theory of conservatism a free rider problem arises when a group choice between two alternatives has to be made on the basis of privately collected evidence leading to insufficient effort in gathering evidence and an ex ante welfare loss for the group to alleviate the free rider problem the group can commit to a conservative rule whereby the decision is made against the alternative favored by the group s preference or prior when evidence supports it but is not preponderant optimal conservatism increases private incentives to gather evidence and improves the quality of the group decision my result explains why sometimes groups appear overly cautious toward favored alternatives

residential electricity pricing in china the context of price based demand response abstract as a secondary energy electricity is an important channel between original energy and energy consumers electricity price is a critical factor for the interests of all involvers in the electric power market it also plays an important role for the sustainable development of energy and environment smart grid is a new conception proposed in recent years to improve the intelligent level and increase the efficiency of electric power system operation smart grid combines and integrates information technology communication technology and intelligent control technology with tradition power system to achieve the many objectives of smart grid demand response dr as an effective technique of demand side management dsm refers to the changes in electricity consumption behavior of users in response to the dynamic price or incentive rewards price based demand response pbdr is one of the two major dr programs in this paper we first introduce the pricing theories in economics the pricing of electricity and the development of electricity pricing in china then we present a detailed discussion on the pbdr strategies in the dsm of smart grid also the research status of pbdr is reviewed finally it gives a summary of the whole paper in the last section

family policies wage structures and gender gaps sources of earnings inequality in 20 countries this study uncovers an unexpected effect of family friendly policies on women s economic attainments using hierarchical linear models the analysis combines individual level data obtained from th

maintaining a reputation when strategies are imperfectly observed this paper studies reputation effects in games with a single long run player whose choice of stage game strategy is imperfectly observed by his opponents we obtain lower and upper bounds on the long run player s payoff in any nash equilibrium of the game if the long run player s stage game strategy is statistically identified by the observed outcomes then for generic payoffs the upper and lower bounds both converge as the discount factor tends to 1 to the long run player s stackelberg payoff which is the most he could obtain by publicly committing himself to any strategy

swimming upstream trends in the gender wage differential in the 1980s using michigan panel study of income dynamics data for 1979 and 1988 we analyze how a falling gender wage gap occurred despite changes in wage structure unfavorable to low wage workers the decrease is traced to gender specific factors which more than counterbalanced changes in measured and unmeasured prices working against women supply shifts net of demand were unfavorable for women generally and hurt high skilled more than middle and low skilled women by analyzing wages we find support for the notion of a gender twist in supply and demand having its largest negative effect on high skilled women