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Exact and Approximate Solutions of Affine Reservoir Models

Author

Listed:
  • Bernard F. Lamond

    (Université Laval, Quebec, Canada)

  • Matthew J. Sobel

    (State University of New York at Stony Brook, Stony Brook, New York)

Abstract

We formulate an optimization model of a multiple reservoir water resource system that encompasses interbasin transfers among two or more river basins. Autocorrelated inflows are modeled with a linear autoregressive stochastic process. Benefits for each period are assumed to depend separably on storage levels and discharges with the dependence on discharges being linear. For the important special case of a single river basin, a myopic policy (hence, computed easily) is optimal. When the model includes the possibility of interbasin transfers, a myopic policy is optimal if the deterministic and stochastic portions of the inflow process are always nonnegative. Even if this assumption is not valid, myopic policies yield useful bounds.

Suggested Citation

  • Bernard F. Lamond & Matthew J. Sobel, 1995. "Exact and Approximate Solutions of Affine Reservoir Models," Operations Research, INFORMS, vol. 43(5), pages 771-780, October.
    • Handle: RePEc:inm:oropre:v:43:y:1995:i:5:p:771-780
    DOI: 10.1287/opre.43.5.771
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    Citations

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    Cited by:

    1. Warren B. Powell & Abraham George & Hugo Simão & Warren Scott & Alan Lamont & Jeffrey Stewart, 2012. "SMART: A Stochastic Multiscale Model for the Analysis of Energy Resources, Technology, and Policy," INFORMS Journal on Computing, INFORMS, vol. 24(4), pages 665-682, November.
    2. Chad R. Larson & Danko Turcic & Fuqiang Zhang, 2015. "An Empirical Investigation of Dynamic Ordering Policies," Management Science, INFORMS, vol. 61(9), pages 2118-2138, September.
    3. Matthew J. Sobel & Volodymyr Babich, 2012. "Optimality of Myopic Policies for Dynamic Lot-Sizing Problems in Serial Production Lines with Random Yields and Autoregressive Demand," Operations Research, INFORMS, vol. 60(6), pages 1520-1536, December.

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