  The performance of an energy system under a real-time pricing mechanism
depends on the consumption behavior of its customers, which involves
uncertainties. In this paper, we consider a system operator that charges its
customers with a real-time price that depends on the total realized
consumption. Customers have unknown and heterogeneous consumption preferences.
We propose behavior models in which customers act selfishly, altruistically or
as welfare-maximizers. In addition, we consider information models where
customers keep their consumption levels private, communicate with a neighboring
set of customers, or receive broadcasted demand from the operator. Our analysis
focuses on the dispersion of the system performance under different consumption
models. To this end, for each pair of behavior and information model we define
and characterize optimal rational behavior, and provide a local algorithm that
can be implemented by the consumption scheduler devices. Analytical comparisons
of the two extreme information models, namely, private and complete information
models, show that communication model reduces demand uncertainty while having
negligible effect on aggregate consumer utility and welfare. In addition, we
show the impact of real-time price policy parameters have on the expected
welfare loss due to selfish behavior affording critical policy insights.
