Although　the　benefits　of　implementing　demand　response　(DR)　have　already　been　classified　clearly,　it　is　urgent　to　fairly　and　reasonably　quantify　the　benefits　of　DR　in　order　to　meet　the　interests　of　all　stakeholders.　The　upsurge　of　smart　grid　has　greatly　promoted　the　measurement　and　verification　of　DR　programs.　In　the　context　of　smart　grid,　a　variety　of　DR　options　have　been　put　forward,　including　DR　options　of　four　different　types　of　prices　concerning　different　responding　schemes　of　customers,　and　wind　type　DR　options　concerning　the　coupling　between　DR　and　wind　power.　The　design　principle,　transaction　obligations　and　option　values　of　DR　options　are　discussed　in　detail,　and　Monte　Carlo　simulation　method　is　then　adopted　to　price　DR　options　in　smart　grid.　©　2011　State　Grid　Electric　Power　Research　Institute　Press.