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Game theory for efficient electricity usage

Electricity has become a basic necessity today - powering our homes to running our machines, all run on electricity.  This growing need for electricity has seen the rise of smart grids - a network of electric supply system that detects changes in usage of electricity in real time and helps to manage the demand-supply equation. Smart grids also incorporate Dynamic pricing, where the amount per unit of electricity changes with time, with it costing higher at peak times and lower during other times. Now, researchers from National University of Singapore (NUS) and Indian Institute of Science (IISc) have used game theory -- a well known mathematical approach wherein the outcome of a problem depends on the choices of the participants, to streamline the process of electricity usage in the country. After successfully testing their model in Singapore, the researchers are now ready to change the way we consume electricity in India.