Distributed Algorithms for Internet-of-Things-enabled Prosumer Markets: A Control Theoretic Perspective

Internet-of-Things (IoT) enables the development of sharing economy applications. In many sharing economy scenarios, agents both produce as well as consume a resource; we call them prosumers. A community of prosumers agrees to sell excess resource to another community in a prosumer market. In this c...

Full description

Saved in:
Bibliographic Details
Published in:arXiv.org 2019-03
Main Authors: Alam, Syed Eqbal, Shorten, Robert, Wirth, Fabian, Jia Yuan Yu
Format: Article
Language:English
Subjects:
Algorithms
Car sharing
Computer simulation
Control algorithms
Control theory
Energy storage
Infrastructure
Internet of Things
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Internet-of-Things (IoT) enables the development of sharing economy applications. In many sharing economy scenarios, agents both produce as well as consume a resource; we call them prosumers. A community of prosumers agrees to sell excess resource to another community in a prosumer market. In this chapter, we propose a control theoretic approach to regulate the number of prosumers in a prosumer community, where each prosumer has a cost function that is coupled through its time-averaged production and consumption of the resource. Furthermore, each prosumer runs its distributed algorithm and takes only binary decisions in a probabilistic way, whether to produce one unit of the resource or not and to consume one unit of the resource or not. In the proposed approach, prosumers do not explicitly exchange information with each other due to privacy reasons, but little exchange of information is required for feedback signals, broadcast by a central agency. In the proposed approach, prosumers achieve the optimal values asymptotically. Furthermore, the proposed approach is suitable to implement in an IoT context with minimal demands on infrastructure. We describe two use cases; community-based car sharing and collaborative energy storage for prosumer markets. We also present simulation results to check the efficacy of the algorithms.
ISSN:2331-8422
DOI:10.48550/arxiv.1812.07636