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A New Interval Two-stage Stochastic Programming with CVaR for Water Resources Management

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  • Min Zhang

    (Chinese Academy of Sciences
    University of Chinese Academy of Sciences)

  • Kaiyan Xi

    (Chinese Academy of Sciences
    University of Chinese Academy of Sciences)

Abstract

In area of water resources management, decision-makers usually need to make plans under various uncertainties in order to achieve the maximal total net benefits and prevent possible losses under risks arising from the indeterminacy. In this paper, we have incorporated the conditional value-at-risk, which has been widely used in portfolio selection problems for effective risk management, in the interval two-stage stochastic programming framework to perform trade-offs between economic objectives and associated risks. Moreover, based on the late progresses in Grey linear system, we have developed a new method to obtain a solution of the proposed model. In particular, this new approach can provide a number of decision alternatives under different coefficients, which help decision-makers make proper water supply plans according to their personal preferences. Finally, numerical experiments have been presented to demonstrate the validity and applicability of the proposed model for maintaining balance between profits and risks, as well as the efficiency of the new method for dealing with such model.

Suggested Citation

  • Min Zhang & Kaiyan Xi, 2020. "A New Interval Two-stage Stochastic Programming with CVaR for Water Resources Management," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 34(12), pages 3795-3807, September.
    • Handle: RePEc:spr:waterr:v:34:y:2020:i:12:d:10.1007_s11269-020-02633-1
    DOI: 10.1007/s11269-020-02633-1
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    References listed on IDEAS

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    1. L. Zhang & C. Li, 2014. "An Inexact Two-Stage Water Resources Allocation Model for Sustainable Development and Management Under Uncertainty," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 28(10), pages 3161-3178, August.
    2. Li, W. & Li, Y.P. & Li, C.H. & Huang, G.H., 2010. "An inexact two-stage water management model for planning agricultural irrigation under uncertainty," Agricultural Water Management, Elsevier, vol. 97(11), pages 1905-1914, November.
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