Stochastic Optimization

Effects of Probability Function on the Performance of Stochastic Programming

Stochastic programming is a valuable optimization tool where used when some or all of the design parameters of an optimization problem are defined by stochastic variables rather than by deterministic quantities. Depending on the nature of equations involved in the problem, a stochastic optimization problem is called a stochastic linear or nonlinear programming problem. In this paper,a stochasti...

A Stochastic Optimization Model for Groundwater Management

Stochastic Optimization of Demand Response Aggregators in Wholesale Electricity Markets

This paper proposes a stochastic framework for demand response (DR) aggregator to procure DR from customers and sell it to purchasers in the wholesale electricity market. The aggregator assigns fixed DR contracts with customers based on three different load reduction strategies. In the presented problem the uncertainty of market price is considered and the risk of aggregator participation is ma...

An Inexact-Fuzzy-Stochastic Optimization Model for a Closed Loop Supply Chain Network Design Problem

The development of optimization and mathematical models for closed loop supply chain (CLSC) design has attracted considerable interest over the past decades. However, the uncertainties that are inherent in the network design and the complex interactions among various uncertain parameters are challenging the capabilities of the developed tools. The aim of this paper, therefore, is to propose a n...

Medium Term Hydroelectric Production Planning - A Multistage Stochastic Optimization Model

Multistage stochastic programming is a key technology for making decisions over time in an uncertain environment. One of the promising areas in which this technology is implementable, is medium term planning of electricity production and trading where decision makers are typically faced with uncertain parameters (such as future demands and market prices) that can be described by stochastic proc...

A Stochastic Optimization Model for Groundwater Management