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Optimal Design of Renewable Energy Certificate Markets: A Principal-Agent Mean Field Game Approach
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- 1 Introduction
- 2 Renewable Energy Certificate (REC) markets
- 3 What problem do we address?
- 4 Contribution to the literature
- 5 Agents' (Regulated Firms) Problem in a Nutshell
- 6 Agents' Problem in a Nutshell
- 7 Agents' Problem (Mean Field Limit)
- 8 Principal's (Regulator's) Problem
- 9 Remarks on Approach
- 10 Find agents' best response - Overview
- 11 Find agents' best response Optimal Controls
- 12 Step 1. Agents' best response characterization
- 13 Re-cast principal's problem - Overview
- 14 Re-cast principal's problem - Reduction
- 15 Re-cast principal's problem - Restatement
- 16 Solve the re-cast problem - Overview
- 17 Solve the re-cast problem - Hamiltonian KY, KY represent adjoint processes, Ly represents
- 18 Solve the re-cast problem - Optimal penalty
- 19 Economic Implications
