scholarly journals Efficient and Robust Equilibrium Strategies of Utilities in Day-Ahead Market With Load Uncertainty

2022 ◽  
pp. 1-12
Author(s):  
Tianyu Zhao ◽  
Hanling Yi ◽  
Minghua Chen ◽  
Chenye Wu ◽  
Yunjian Xu
2020 ◽  
Vol 26 ◽  
pp. 41
Author(s):  
Tianxiao Wang

This article is concerned with linear quadratic optimal control problems of mean-field stochastic differential equations (MF-SDE) with deterministic coefficients. To treat the time inconsistency of the optimal control problems, linear closed-loop equilibrium strategies are introduced and characterized by variational approach. Our developed methodology drops the delicate convergence procedures in Yong [Trans. Amer. Math. Soc. 369 (2017) 5467–5523]. When the MF-SDE reduces to SDE, our Riccati system coincides with the analogue in Yong [Trans. Amer. Math. Soc. 369 (2017) 5467–5523]. However, these two systems are in general different from each other due to the conditional mean-field terms in the MF-SDE. Eventually, the comparisons with pre-committed optimal strategies, open-loop equilibrium strategies are given in details.


2014 ◽  
Vol 108 (2) ◽  
pp. 281-296 ◽  
Author(s):  
SEOK-JU CHO

This article studies the consequences of strategic voting by outcome-oriented voters in elections under proportional representation (PR). I develop a model of elections under PR, in which voters choose among an arbitrary finite number of parties, and the policy outcome is determined in a postelection bargaining stage. I use a new solution concept, robust equilibrium, which greatly mitigates the well-known problem of indeterminate predictions in multicandidate competition. Applying the equilibrium concept to the model, I find that PR promotes representation of small parties in general, even when voters are strategic. However, the median voter plays a critical role in shaping policy outcomes, which reflects the majoritarian nature of parliamentary policy making rules. Thus, PR may not be incompatible with the majoritarian vision of representative democracy if voters’ main concern is policy outcomes.


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