Decision analysis for robust CO2 injection: Application of Bayesian-Information-Gap Decision Theory

Proposing a linear model of energy hub operation using information gap decision theory

Energy hub is a concept relates various energy carriers which has been expanded in recent years. Operation of energy hub is often attended with uncertainties. Therefore, this paper presents a linear model based on information gap decision theory (IGDT) to solve the energy hub problem. This approach can consider plenty of uncertainties, simultaneously. Energy hub under study includes a combined ...

A practical approach to open-pit mine planning under price uncertainty using information gap decision theory

In the context of open-pit mine planning, uncertainties including commodity price would significantly affect the technical and financial aspects of mining projects. A mine planning that takes place regardless of the uncertainty in price just develops an optimized plan at the starting time of the mining operation. Given the price change over the life of mine, which is quite certain, optimality o...

A Bayesian model decision support system: dryland salinity management application

Addressing environmental management problems at catchment scales requires an integrated modelling approach, in which key bio-physical and socio-economic drivers, processes and impacts are all considered. Development of Decision Support Systems (DSSs) for environmental management is rapidly progressing. This paper describes the integration of physical, ecological, and socio-economic components i...

Bayesian Decision Making Theory

Notes on Statistical Decision Theory and Bayesian Analysis Bayesian Statistics

• Up to this point, we considered parameters to be fixed (but unknown) numbers. While discussing inference in this framework (estimation and hypothesis testing), we evaluated the properties of estimators and tests when applied repeatedly to the same problem, i.e. with the same true parameter value but different draws. For instance, an unbiased estimator is one with a sampling distribution whose...