There is a variety of items which should be taken into consideration by a regional market manager (RMM). Participants in the market, technical constraint, price variation/reaction, electricity-price uncertainty and types of the applied demand response program are some instances in this regard. One of the demand response programs is Emergency Demand Response Program (EDRP) which is considered in this paper. In the present study, the objective function of the RMM is formulated in a market environment in order to determine the optimal demand, incentive and power purchased with considering some of technical constraints such as incentive limits, demand limits, power purchased and power balance. Co-evolutionary Improved Teaching Learning-Based Optimization (C-ITLBO) is applied to maximize the RMM’s profit. Furthermore, determination of the demand level in the EDRP is performed on the basis of a logarithmic model which includes the price elasticity matrix (PEM) is included. The reserve supplied due to Aggregators (AGGs) is also prioritized using the reserve-margin factor (RMF). In addition, information-gap decision theory (IGDT) is applied to model uncertainty in the initial electricity price. The above mentioned items are modeled in a multi-level formulation.