Large-scale diffusion of distributed energy resources (DERs) will have a profound impact on electricity infrastructure functioning: it will bring radical changes to the traditional model of generation and supply as well as to the business model of the energy industry. DERs comprise distributed...

While inventory- and revenue-management problems can be represented as Markov decision process (MDP) models, in some cases the well-known dynamic-programming curse of dimensionality makes it computationally prohibitive to solve them exactly. An alternative solution, called here the...