Rich Information Markets: Designing Feasible Region Bidding for Optimal Integration of DERs

This paper introduces Rich Information Markets (RIM), replacing scalar quantity-price bidding with multidimensional feasible region offers that preserve complete operational constraint sets. Four bid types are formulated: Capability-Constrained (CCB), Profile-Constrained (PCB), StateBased (SBB), and Storage Capability (SCB), maintaining MILP tractability. The proposed bidding model is validated across 34 scenarios (9 operational contexts and 25 market-scale configurations), RIM achieves up to 42.6% welfare improvement over the best quantity-price baseline, while market acceptance rates remains comparable. The key differentiator is constraint fidelity: on a dedicated mixed-composition bid types scenario, RIM enforces 100% of declared constraints versus 2.5–10.9% violation rates for quantity-price baselines, with failures dominated by PCB profile-sequence and SCB fill-level violations. RIM clearing prices are lower and more stable, free from artificial scarcity caused by infeasible dispatches. Finally, analysing constraint-geometry richness across different bid types shows that market efficiency is driven by the topology of the constraint space rather than by the amount of raw information.