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Incentivizing Truth-Telling in MPC-based Load Frequency Control
KTH, School of Electrical Engineering (EES), Automatic Control. KTH, School of Electrical Engineering (EES), Centres, ACCESS Linnaeus Centre.
2016 (English)In: 2016 IEEE 55th Conference on Decision and Control, CDC 2016, Institute of Electrical and Electronics Engineers (IEEE), 2016, 1549-1555 p., 7798486Conference paper, Published paper (Refereed)
Abstract [en]

We present a mechanism for socially efficient implementation of model predictive control (MPC) algorithms for load frequency control (LFC) in the presence of self-interested power generators. Specifically, we consider a situation in which the system operator seeks to implement an MPC-based LFC for aggregated social cost minimization, but necessary information such as individual generators' cost functions is privately owned. Without appropriate monetary compensation mechanisms that incentivize truth-telling, self-interested market participants may be inclined to misreport their private parameters in an effort to maximize their own profits, which may result in a loss of social welfare. The main challenge in our framework arises from the fact that every participant's strategy at any time affects the future state of other participants; the consequences of such dynamic coupling has not been fully addressed in the literature on online mechanism design. We propose a class of real-time monetary compensation schemes that incentivize market participants to report their private parameters truthfully at every time step, which enables the system operator to implement MPC-based LFC in a socially optimal manner.

Place, publisher, year, edition, pages
Institute of Electrical and Electronics Engineers (IEEE), 2016. 1549-1555 p., 7798486
Series
IEEE Conference on Decision and Control, ISSN 0743-1546
National Category
Control Engineering
Identifiers
URN: urn:nbn:se:kth:diva-208624DOI: 10.1109/CDC.2016.7798486ISI: 000400048101117Scopus ID: 2-s2.0-85010817703ISBN: 978-1-5090-1837-6 (print)OAI: oai:DiVA.org:kth-208624DiVA: diva2:1108014
Conference
55th IEEE Conference on Decision and Control, CDC 2016, ARIA Resort and Casino, Las Vegas, United States, 12 December 2016 through 14 December 2016
Note

QC 20170612

Available from: 2017-06-12 Created: 2017-06-12 Last updated: 2017-06-12Bibliographically approved

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
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