DocumentCode :
3760079
Title :
Allocation strategy based on prospect theory for power supplier
Author :
Bing Lu;Chen Zhao;Shaohua Zhang
Author_Institution :
Key Laboratory of Power Station Automation Technology, Department of Automation, Shanghai University, Shanghai, China
fYear :
2015
Firstpage :
54
Lastpage :
59
Abstract :
Power allocation into decision-making model plays a valuable role for the power supply company to mitigate price risks and improve their profitability in electricity market environment. In this paper, we develop a power allocation model based on the prospect theory, which considers the psychological factors of decision-making in reality, through calculating the value of electricity purchasing business function and weighting function retrieves the maximum number of prospects for the utility as the optimal allocation scheme. The results show that the risk preferences of the real decision makers will change along with the psychological expectations, the power allocation strategy is more conform to the actual decision model of decision-makers compared with the traditional power allocation model.
Keywords :
"Resource management","Decision support systems","Power industry","Decision making","Contracts"
Publisher :
ieee
Conference_Titel :
Electric Utility Deregulation and Restructuring and Power Technologies (DRPT), 2015 5th International Conference on
Type :
conf
DOI :
10.1109/DRPT.2015.7432202
Filename :
7432202
Link To Document :
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