Optimization and Equilibrium in Energy Economics
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We look at models of competition and risk within the context of power
system markets. We demonstrate when social optima exist, what
properties on risk measures and contracts are needed, and how to solve
these problems in large scale practical settings. We look at specific
structures that give rise to significant enhancements in computational
performance. We position these models within a general setting of
Nash Games that include linking equilibrium constraints and
situations where players solve multi-period stochastic programs.
Michael C. Ferris is Professor of Computer Sciences and leads the
Optimization Group within the Wisconsin Institutes for Discovery at
the University of Wisconsin, Madison, USA. He received his PhD from
the University of Cambridge, England in 1989.
Dr. Ferris' research is concerned with algorithmic and interface
development for large scale problems in mathematical programming,
including links to the GAMS and AMPL modeling languages, and general
purpose software such as PATH, NLPEC and EMP. He has worked on many
applications of both optimization and complementarity, including
cancer treatment planning, energy modeling, economic policy, traffic
and environmental engineering, video-on-demand data delivery,
structural and mechanical engineering.
Ferris is a SIAM fellow, an INFORMS fellow, received the
Beale-Orchard-Hays prize from the Mathematical Programming Society and
is a past recipient of a NSF Presidential Young Investigator Award,
and a Guggenheim Fellowship. He serves on the editorial boards of
Mathematical Programming, Transactions of Mathematical Software, and
Optimization Methods and Software.