We combine insights from engineering and economics literature by incorporating microeconomictheory on consumer preferences into an existing electricity simulation modelto provide an improved representation of residential customers' electricity consumptionpreferences. The resulting model can be used to evaluate and compare residentialend-users' responses to electric rate designs and their decisions to invest in and operatedistributed energy resources (DERs). In order to represent how end-users are likelyto respond to dierent rate designs, we model residential end-users' preferences forconsuming electricity by incorporating a constraint that represents the consumer welfarederived from thermal and non-thermal electricity services throughout the day. We thencalibrate this model using advanced meter infrastructure (AMI) data from a large U.S.Electric utility. In future research, this model can provide new insights by combiningengineering simulation techniques with economic theory and econometric methods usingreal-world smart grid data.
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