Conference proceeding
Prediction Markets for Electricity Demand
2012 50TH ANNUAL ALLERTON CONFERENCE ON COMMUNICATION, CONTROL, AND COMPUTING (ALLERTON), pp.1097-1104
Annual Allerton Conference on Communication Control and Computing
01/01/2012
DOI: 10.1109/Allerton.2012.6483340
Abstract
Load forecasting is a central task for operating, maintaining, and planning power systems. Because of this importance, many different methods are proposed to forecast load, but none of them is proved clearly superior. This paper proposes a prediction market to forecast electricity demand that has the advantage of allowing aggregation and competition among the many available methods. We describe how to implement a simple prediction market for continuous variables, using only contracts based on binary variables. We also discuss possible pitfalls in the implementation of such a market.
Details
- Title: Subtitle
- Prediction Markets for Electricity Demand
- Creators
- Luciano I. de Castro - Northwestern UniversityPeter Cramton - University of Maryland, College Park
- Resource Type
- Conference proceeding
- Publication Details
- 2012 50TH ANNUAL ALLERTON CONFERENCE ON COMMUNICATION, CONTROL, AND COMPUTING (ALLERTON), pp.1097-1104
- Publisher
- IEEE
- Series
- Annual Allerton Conference on Communication Control and Computing
- DOI
- 10.1109/Allerton.2012.6483340
- ISSN
- 2474-0195
- Number of pages
- 8
- Language
- English
- Date published
- 01/01/2012
- Academic Unit
- Economics
- Record Identifier
- 9984380430302771
Metrics
1 Record Views