Decision Making Under Uncertainty: Energy and Power / Edition 1

Decision Making Under Uncertainty: Energy and Power / Edition 1

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Springer New York
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Decision Making Under Uncertainty: Energy and Power / Edition 1

In the ideal world, major decisions would be made based on complete and reliable information available to the decision maker. We live in a world of uncertainties, and decisions must be made from information which may be incomplete and may contain uncertainty. The key mathematical question addressed in this volume is "how to make decision in the presence of quantifiable uncertainty." The volume contains articles on model problems of decision making process in the energy and power industry when the available information is noisy and/or incomplete. The major tools used in studying these problems are mathematical modeling and optimization techniques; especially stochastic optimization. These articles are meant to provide an insight into this rapidly developing field, which lies in the intersection of applied statistics, probability, operations research, and economic theory. It is hoped that the present volume will provide entry to newcomers into the field, and stimulation for further research.

Product Details

ISBN-13: 9781441930149
Publisher: Springer New York
Publication date: 12/03/2010
Series: The IMA Volumes in Mathematics and its Applications , #128
Edition description: Softcover reprint of hardcover 1st ed. 2002
Pages: 164
Product dimensions: 6.10(w) x 9.25(h) x 0.24(d)

Table of Contents

• Preface
• Stochastic programming models: wait-and-see versus here-and-now
• Optimal stimulation of oil production
• Power management in a hydro-thermal system under uncertainty by Lagrangian relaxation
• Hedging electricity portfolios via stochastic programming
• Opportunities for stochastic and probabilistic modeling in the deregulated electricity industry
• On supply function bidding in electricity markets
• Qualitative implications of uncertainty in economic equilibrium models
• List of workshop participants

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