## Decision Making Under Uncertainty: Energy and PowerIn 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. |

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### Contents

WAITANDSEE VERSUS HEREANDNOW | 1 |

OPTIMAL STIMULATION OF OIL PRODUCTION | 17 |

POWER MANAGEMENT IN A HYDROTHERMAL SYSTEM UNDER UNCERTAINTY BY LAGRANGIAN RELAXATION | 39 |

HEDGING ELECTRICITY PORTFOLIOS VIA STOCHASTIC PROGRAMMING | 71 |

OPPORTUNITIES FOR STOCHASTIC AND PROBABILISTIC MODELING IN THE DEREGULATED ELECTRICITY INDUSTRY | 95 |

ON SUPPLY FUNCTION BIDDING IN ELECTRICITY MARKETS | 115 |

QUALITATIVE IMPLICATIONS OF UNCERTAINTY IN ECONOMIC EQUILIBRIUM MODELS | 137 |

LIST OF HOT TOPICS WORKSHOP PARTICIPANTS | 155 |

### Other editions - View all

Decision Making Under Uncertainty: Energy and Power Claude Greengard,Andrzej Ruszczynski Limited preview - 2012 |

Decision Making Under Uncertainty: Energy and Power Claude Greengard,Andrzej Ruszczynski No preview available - 2010 |

### Common terms and phrases

algorithm analysis approach approximation assume Berlin bounds bundle method capacity clearing price computing constant constraints contracts convex cost function defined delivery demand curve denote deregulated derivatives deterministic discrete dual dynamic programming economic dispatch economic equilibrium economic surplus efficient frontier electricity market energy equations equilibrium model example expected value Figure flow formulation hedging horizon hydro units hydro-thermal hydropower industry inflow initial injectors integral inverse log concave Lagrangian relaxation linear programming load scenario tree market price Mathematics minimization multistage node nonanticipativity objective function offer stack oil-water interface operating optimization problem options period power system price and quantity probability distribution producer random variable reservoir risk neutral scheduling decisions simulation solve spot market spot price statistical stochastic optimization stochastic programming stochastic programming model subproblems suppliers supply curve supply function supply-function Theorem Theory tion transmission uncertainty unit commitment utility vertical