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Demand response (DR) has an important role to play in the electricity market for maintaining the balance between supply and demand by introducing load flexibility instead of only adjusting generation levels, at almost all operational time scales. There are many players in the market who benefit from DR, like the TSO, DSOs, retailers and end-customers themselves. The recent advent of smart grid technologies advanced the integration of DR by providing the needed information and communication infrastructure to the existing grid. Available literature on DR talks about the concept and definitions of DR, possible DR models for various region-specific market structures along with few DR implementation experiences in a system with ever increasing levels of loads along with evolution of innovative technologies like renewables, micro-grids, PEVs, etc. In this paper, the available literature on DR is categorized into general concept papers and papers on DR models applicable to the wholesale or retail markets, and are presented in a precise manner.