Pay What You Want (PWYW) and Name Your Own Price (NYOP) are customer-driven pricing mechanisms that give customers (some) pricing power and that have been used in service industries with high fixed costs to price discriminate without setting a reference price. This paper describes buyer and seller data in a series of induced-value laboratory experiments that compare PWYW and NYOP in monopoly an...

Financial models are largely used in option pricing. These physical models capture several salient features of asset price dynamics. The pricing performance can be significantly enhanced when they are combined with nonparametric learning approaches, that empirically learn and correct pricing errors through estimating state price distributions. In this paper, we propose a new semiparametric meth...

Introducing distributed generation into a power system can lead to numerous benefits including technical, economic, environmental, etc. To attain these benefits, distributed generators with proper rating should be installed at suitable locations. Given the similar effects of distributed generators and capacitor banks on operation indices of a distribution system, simultaneous assignment of best...

Various methods of determining local prices for access to power on electricity grids have been proposed since deregulation became widespread. The aim of power regulatory authorities is to ensure fairness by restrictions on collusion. Nodal pricing is used in various transmission networks around the world but has a flaw in the opportunity it offers suppliers to exploit the nexus between historic...

Market power refers to conditions where the providers of a service can consistently charge prices above those that would be established by a competitive market. There are many well known definitions of market power, including indices intended to quantify the degree of market concentration of energy supplies. This paper explores a method by which one of the standard indices in market power analy...

a r t i c l e i n f o It is widely agreed that optimal procurement of reserves, with explicit consideration of system contingencies, can improve reliability and economic efficiency in power systems. With increasing penetration of uncertain generation resources, this optimal allocation is becoming even more crucial. Herein, a problem formulation is developed to solve the day-ahead energy and res...