Decision Making Under Uncertainty: Energy and Power

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Springer Science & Business Media, Jun 7, 2002 - Business & Economics - 154 pages
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.
 

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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
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