Abstract
A hydraulic structure such as a reservoir built on the basis of sample information is, in general, overdesigned or underdesigned in relation to perfect information. The resulting loss in net benefits is called the expected opportunity loss (EOL) due to imperfect information and is a function of sample size. Computation of the EOL requires perfect information. The EOL can, however, be found in one of two ways. One procedure estimates the EOL by sampling from a synthetic sequence of a stochastic input, such as streamflow, generated on the basis of estimates of the population moments. The other procedure involves a design decision within the framework of subjectivist (or Bayesian) statistics.
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