## Decision Making Under Uncertainty: Energy and PowerClaude Greengard, Andrzej Ruszczynski 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

2 | |

Optimal stimulation of oil production | 17 |

Power management in a hydrothermal system | 39 |

Hedging electricity portfolios via stochastic programming | 71 |

Opportunities for stochastic and probabilistic modeling | 95 |

On supply function bidding in electricity markets | 115 |

Qualitative implications of uncertainty in economic | 135 |

List of workshop participants | 153 |

### Other editions - View all

Decision Making Under Uncertainty: Energy and Power Claude Greengard,Andrzej Ruszczynski Limited preview - 2002 |

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 deterministic discrete dual dynamic programming economic dispatch economic equilibrium economic surplus efficient frontier electricity market energy equations equilibrium model example Figure flow formulation hedging horizon hydro units hydro-thermal hydropower industry inflow integral inverse log concave Lagrangian relaxation linear programming load scenario tree Mathematics minimization multistage node nonanticipativity objective function offer stack oil-water interface operation optimization problem options period power system price and quantity probability distribution producer random variable reservoir risk neutral simulation solution solve spot market spot price stage statistical stochastic optimization stochastic programming subproblems suppliers supply curve supply function supply-function Theorem Theory tion transmission uncertainty unit commitment utility vertical