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Many optimization problems that frequently arise and have been extensively used in practice are modeled as linear mixed-integer programming problems. Among the many of such problems are transportation and assignment problems. In such problems, constraints that couple decision variables can be viewed as hyperplanes in their respective spaces. These hyperplanes frequently intersect at different angles...
In the current U.S. electricity market, supply bids are selected to minimize the bid costs, but are then paid at the marginal price, leading to significantly higher payments than the minimized bid costs. This gives rise to the “payment cost minimization” mechanism, which minimizes payments directly. We previously presented the “objective switching” method to solve single-product payment cost minimization...
Deregulated electricity markets in the U.S. currently minimize total bid costs to select bids and their generation levels but determine payments based on market clearing prices. The inconsistency between auction and settlement mechanisms can lead to a significantly higher consumer payment. This gives rise to the “payment cost minimization,” an alternative auction mechanism that minimizes consumer...
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