Decision-making approach in charging mode for electric vehicle based on cumulative prospect theory

Determination of the electric vehicle (EV) charging mode characteristics is a critical step in the charging mode of operation design process. At present, entire information about decision-making related to the charging mode could not be get, decisions involve more than one attribute. However, Prospect Theory has important influence on multi-dimensional decisions. First, this paper introduces the Cumulative Prospect Theory which invovles in value function and probability weighting function. One important characteristic of the value function is that value functions for gains and for losses are different. Secondly, in the frame of CPT, the value function and probability weight function of charging mode are analyzed. It presents the three scenarios involving in the fast charge, the standard(slow) charge, and battery replacement of centralized distribution, which help to understand impact on local distribution dual use for clean transportation and grid power support, the charging mode of operation can encourage adoption of EV & PHEV, run distribution more efficiently. The main factors are the distribution network utilization, load response, power quality, the environmental factors; then, a decision-making method about charging mode of operation based on CPT is proposed. To form a value judgment matrix, this paper builds a multi-objective optimization model, it introduces uncertain linguistic variables, The prospect value of attribute for every alternative is calculated. By adjusting the parameter to fit the characteristics of different combined scenarios projects, this paper calculates the value of different scenarios under the prospect, it is sorted according to the value of the weighted prospect values. The example has been carried out and demonstrate that the method has the potential to improve decision-making performance. The last numerical example to verify the validity and rationality of the method.