Among the CO2 emission reduction programs, cap-and-trade (C&T) is one of the most used policies. Economic studies have shown that C&T policies for electricity networks, while reducing emissions, will likely increase price and decrease consumption of electricity. This paper presents a two layer...

A large class of problems of sequential decision making under uncertainty, of which the underlying probability structure is a Markov process, can be modeled as stochastic dynamic programs (referred to, in general, as Markov decision problems or MDPs). However, the computational complexity of the...