Abstract
In this study, the application of a two-stage inexact programming with value-at-risk (TIPV) model in water resources system planning has been developed. The TIPV method is intended to tackle the inexact parameters and the risks of economic loss. The application of case study shows that more alternatives under multiple levels of risks could be generated. The amount of water shortages and the width of system benefit intervals would decrease as the risk increases. TIPV could provide more effective information for stakeholders to recognize social policies with maximized system benefits under various risk levels.
Highlights
In water-resources system, many components and parameters are influenced by uncertainties
The amount of water shortage decreases as the risk level increases. It means that the VaR constraint for penalty has an effective on risk management
A case study on water resources management has been illustrated for application of a twostage inexact programming with VaR (TIPV) method in this study
Summary
In water-resources system, many components and parameters are influenced by uncertainties. The economic parameters may be represented by fuzzy numbers or intervals. The stream conditions may exhibit stochastic uncertainties. These uncertainties should be tackled by appropriate inexact optimization methods. Maqsood et al.[1] proposed a method for water resources system planning by combing interval and fuzzy uncertainties into a two-stage stochastic programming. A two-stage inexact programming with value-at-risk (TIPV) model would be proposed for revealing dual uncertainties and reflecting the risks of recourse. A case study of TIPV on water resources management would be an attempt to combine the value-at-risk (VaR), the fuzzy boundary intervals and the random variables into a general two-stage programming framework
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