Optimal real time pricing in an agent-based retail market using a comprehensive demand response model

► Composite Demand Function represents demand vs. price function for customer groups. ► Dynamic self elasticities are extracted by differentiating demand functions. ► Comprehensive DR model is developed based on CDF and dynamic price elasticities. ► CDR model represents customers' behavior and predicts their response to DR programs. ► Day-ahead real time pricing is conducted based on the principles of Q-learning.