IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v16y2024i12p5020-d1413560.html
   My bibliography  Save this article

Vehicle-to-Vehicle Energy Trading Framework: A Systematic Literature Review

Author

Listed:
  • Yiming Xu

    (School of Water, Energy and Environment, Cranfield University, Bedford MK43 0AL, UK)

  • Ali Alderete Peralta

    (School of Water, Energy and Environment, Cranfield University, Bedford MK43 0AL, UK)

  • Nazmiye Balta-Ozkan

    (School of Water, Energy and Environment, Cranfield University, Bedford MK43 0AL, UK)

Abstract

As transportation evolves with greater adoption of electric vehicles (EVs), vehicle-to-vehicle (V2V) energy trading stands out as an important innovation for managing energy resources more effectively as it reduces dependency on traditional energy infrastructures and, hence, alleviates the pressure on the power grid during peak demand times. Thus, this paper conducts a systematic review of the V2V energy trading frameworks. Through the included article analysis ( n = 61), this paper discusses the state-of-the-art energy trading frameworks’ structure, employed methodologies, encountered challenges, and potential directions for future research. To the best of the authors’ knowledge, this is the first review explicitly focused on V2V energy trading. We detail four critical challenges to face while establishing the framework in current research, providing an overview of various methodologies, including auctions, blockchain, game theory, optimisation, and demand forecasting, that are used to address these challenges and explore their integration within the research landscape. Additionally, this paper forecasts the evolution of V2V energy trading, highlighting the potential incorporation of advanced and established technologies like artificial intelligence (AI), digital twins, and smart contracts. This review aims to encapsulate the existing state of V2V energy trading research and stimulate future advancements and technological integration within the field.

Suggested Citation

  • Yiming Xu & Ali Alderete Peralta & Nazmiye Balta-Ozkan, 2024. "Vehicle-to-Vehicle Energy Trading Framework: A Systematic Literature Review," Sustainability, MDPI, vol. 16(12), pages 1-28, June.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:12:p:5020-:d:1413560
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/16/12/5020/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/16/12/5020/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ding, Bing & Li, Zening & Li, Zhengmao & Xue, Yixun & Chang, Xinyue & Su, Jia & Jin, Xiaolong & Sun, Hongbin, 2024. "A CCP-based distributed cooperative operation strategy for multi-agent energy systems integrated with wind, solar, and buildings," Applied Energy, Elsevier, vol. 365(C).
    2. Li, Gaojunjie & Yang, Jun & Hu, Zhijian & Zhu, Xu & Xu, Jian & Sun, Yuanzhang & Zhan, Xiangpeng & Wu, Fuzhang, 2023. "A novel price-driven energy sharing mechanism for charging station operators," Energy Economics, Elsevier, vol. 118(C).
    3. Kalyan Chatterjee & William Samuelson, 1983. "Bargaining under Incomplete Information," Operations Research, INFORMS, vol. 31(5), pages 835-851, October.
    4. McAfee, R. Preston, 1992. "A dominant strategy double auction," Journal of Economic Theory, Elsevier, vol. 56(2), pages 434-450, April.
    5. Paul Klemperer, 1999. "Auction Theory: A Guide to the Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 13(3), pages 227-286, July.
    6. Arias, Mariz B. & Bae, Sungwoo, 2016. "Electric vehicle charging demand forecasting model based on big data technologies," Applied Energy, Elsevier, vol. 183(C), pages 327-339.
    7. Zhang, Chenghua & Wu, Jianzhong & Zhou, Yue & Cheng, Meng & Long, Chao, 2018. "Peer-to-Peer energy trading in a Microgrid," Applied Energy, Elsevier, vol. 220(C), pages 1-12.
    8. Zhang, Chenxi & Yang, Yi & Wang, Yunqi & Qiu, Jing & Zhao, Junhua, 2024. "Auction-based peer-to-peer energy trading considering echelon utilization of retired electric vehicle second-life batteries," Applied Energy, Elsevier, vol. 358(C).
    9. Avila, Piret & Mullon, Charles, 2023. "Evolutionary Game Theory and the Adaptive Dynamics Approach: Adaptation where Individuals Interact," IAST Working Papers 23-150, Institute for Advanced Study in Toulouse (IAST).
    10. Soto, Esteban A. & Bosman, Lisa B. & Wollega, Ebisa & Leon-Salas, Walter D., 2021. "Peer-to-peer energy trading: A review of the literature," Applied Energy, Elsevier, vol. 283(C).
    11. He, Wei & Sun, Yeneng, 2017. "Stationary Markov perfect equilibria in discounted stochastic games," Journal of Economic Theory, Elsevier, vol. 169(C), pages 35-61.
    12. Mahmud, Khizir & Town, Graham E. & Morsalin, Sayidul & Hossain, M.J., 2018. "Integration of electric vehicles and management in the internet of energy," Renewable and Sustainable Energy Reviews, Elsevier, vol. 82(P3), pages 4179-4203.
    13. Piret Avila & Charles Mullon, 2023. "Evolutionary Game Theory and the Adaptive Dynamics Approach: Adaptation where Individuals Interact," Post-Print hal-04067694, HAL.
    14. Klemperer, Paul, 1999. " Auction Theory: A Guide to the Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 13(3), pages 227-86, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Zhaonian Ye & Qike Han & Kai Han & Yongzhen Wang & Changlu Zhao & Haoran Yang & Jun Du, 2025. "Coordinating V2V Energy Sharing for Electric Fleets via Multi-Granularity Modeling and Dynamic Spatiotemporal Matching," Sustainability, MDPI, vol. 17(19), pages 1-43, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Yoon, Kiho, 2008. "The participatory Vickrey-Clarke-Groves mechanism," Journal of Mathematical Economics, Elsevier, vol. 44(3-4), pages 324-336, February.
    2. Pitchik, Carolyn, 2009. "Budget-constrained sequential auctions with incomplete information," Games and Economic Behavior, Elsevier, vol. 66(2), pages 928-949, July.
    3. Nielsen, Kurt, 2005. "Auctioning Payment Entitlements," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24566, European Association of Agricultural Economists.
    4. Kurt Nielsen & Jesper Troelsgaard Nielsen, 2010. "An Allocatively Efficient Auction Market for Payment Entitlements?," MSAP Working Paper Series 03_2010, University of Copenhagen, Department of Food and Resource Economics.
    5. Mei, Jie & Chen, Chen & Wang, Jianhui & Kirtley, James L., 2019. "Coalitional game theory based local power exchange algorithm for networked microgrids," Applied Energy, Elsevier, vol. 239(C), pages 133-141.
    6. Gabriel Santos & Pedro Faria & Zita Vale & Tiago Pinto & Juan M. Corchado, 2020. "Constrained Generation Bids in Local Electricity Markets: A Semantic Approach," Energies, MDPI, vol. 13(15), pages 1-27, August.
    7. Satterthwaite, Mark A. & Williams, Steven R. & Zachariadis, Konstantinos E., 2014. "Optimality versus practicality in market design: A comparison of two double auctions," Games and Economic Behavior, Elsevier, vol. 86(C), pages 248-263.
    8. Shama Naz Islam, 2024. "A Review of Peer-to-Peer Energy Trading Markets: Enabling Models and Technologies," Energies, MDPI, vol. 17(7), pages 1-18, April.
    9. Grigoriev, A. & Hiller, B. & Marban, S. & Vredeveld, T. & van der Zwaan, G.R.J., 2010. "Dynamic pricing problems with elastic demand," Research Memorandum 053, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    10. Rustichini, Aldo & Satterthwaite, Mark A & Williams, Steven R, 1994. "Convergence to Efficiency in a Simple Market with Incomplete Information," Econometrica, Econometric Society, vol. 62(5), pages 1041-1063, September.
    11. Philippe Février & William Roos & Michael Visser, 2005. "The Buyer's Option in Multi‐Unit Ascending Auctions: The Case of Wine Auctions at Drouot," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 14(4), pages 813-847, December.
    12. Zhang, Ning, 2009. "Market performance and bidders' bidding behavior in the New York Transmission Congestion Contract market," Energy Economics, Elsevier, vol. 31(1), pages 61-68, January.
    13. Itzhak Rasooly, 2021. "Going... going... wrong: a test of the level-k (and cognitive hierarchy) models of bidding behaviour," Papers 2111.05686, arXiv.org.
    14. Schamel, Guenter, 2006. "Auction Markets for Specialty Food Products with Geographical Indications," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25606, International Association of Agricultural Economists.
    15. Maréchal, François & Morand, Pierre-Henri, 2011. "First-price sealed-bid auctions when bidders exhibit different attitudes toward risk," Economics Letters, Elsevier, vol. 113(2), pages 108-111.
    16. Mezzetti, Claudio & Pekec, Aleksandar Sasa & Tsetlin, Ilia, 2008. "Sequential vs. single-round uniform-price auctions," Games and Economic Behavior, Elsevier, vol. 62(2), pages 591-609, March.
    17. Wedad Elmaghraby, 2005. "The Effect of Asymmetric Bidder Size on an Auction's Performance: Are More Bidders Always Better?," Management Science, INFORMS, vol. 51(12), pages 1763-1776, December.
    18. Ranaldo, Angelo & Rossi, Enzo, 2016. "Uniform-price Auctions for Swiss Government Bonds: Origin and Evolution," Working Papers on Finance 1609, University of St. Gallen, School of Finance.
    19. Stuart Kells, 2003. "Explaining The Breadth Of Expert Estimate Ranges In Auctions Of Rare Books," Department of Economics - Working Papers Series 873, The University of Melbourne.
    20. Jacob K. Goeree & Theo Offerman, 2003. "Competitive Bidding in Auctions with Private and Common Values," Economic Journal, Royal Economic Society, vol. 113(489), pages 598-613, July.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:16:y:2024:i:12:p:5020-:d:1413560. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.