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Publication Detailed Description
Journal Title
Journal of Risk and Uncertainty
Year (definitive publication)
2004
Language
English
Country
United States of America
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Abstract
Since surface water flows are often stochastic, there is a role for water reservoirs in protecting users against uncertainty. We assume uncertainty regarding the probability distribution for the stochastic variable. Thus the decision allows for a range of approximate models that could be true, and the problem can be solved using robust optimal control. This paper analyses the implications of a robust framework on resource management decisions, using the case of water as an illustration. Robust choices are compared with those of a benchmark stochastic model and the emergence of precautionary behaviour is discussed.
Acknowledgements
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Keywords
Maxmin approach,Robust control,Water use,Rainfall variability,Precaution,scientific uncertainty
Fields of Science and Technology Classification
- Economics and Business - Social Sciences
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