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Chance Constrained Model of Water Reservoir: Bounds on the Long-Run Distribution of the Water Stock

Al-Adhadh, Naim H. (1978) Chance Constrained Model of Water Reservoir: Bounds on the Long-Run Distribution of the Water Stock. Social Science Working Paper, 217. California Institute of Technology , Pasadena, CA. (Unpublished) https://resolver.caltech.edu/CaltechAUTHORS:20171020-150100288

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Abstract

In this model, treating water release as a deterministic decision variable facilitated the transformation of the chance constraints into deterministic form. This was done for a fairly generalized profit function and without assuming an a priori specific form for the decision rule. Moreover, an approximation for the long-run distribution of the stock of water in the reservoir was derived that provided reasonable bounds for the expected value of the distribution. Such an approximation facilitates the design of an insurance scheme that internalizes the risk from the inflow's uncertainty. It also provides a rule of thumb against which a judgment as to whether too much or too little water is being stored.


Item Type:Report or Paper (Working Paper)
Group:Social Science Working Papers
Series Name:Social Science Working Paper
Issue or Number:217
Record Number:CaltechAUTHORS:20171020-150100288
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20171020-150100288
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:82549
Collection:CaltechAUTHORS
Deposited By: Jacquelyn Bussone
Deposited On:20 Oct 2017 22:56
Last Modified:03 Oct 2019 18:55

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