A robust interval-based minimax-regret analysis approach for the identification of optimal water-resources-allocation strategies under uncertainty

Y.P. Li, G.H. Huang and S.L. Nie

Resources, Conservation & Recycling, 2009, vol. 54, issue 2, 86-96

Abstract: In this study, a robust interval-based minimax-regret analysis (RIMA) method is developed and applied to the identification of optimal water-resources-allocation strategies under uncertainty. The developed RIMA approach can address uncertainties with multiple presentations. Moreover, it can be used for analyzing all possible scenarios associated with different system costs/benefits and risk levels without making assumptions on probabilistic distributions for random variables. In its solution process, an interval-element cost/benefit matrix can be transformed into an interval-element regret matrix, such that the decision makers can identify desired strategies based on inexact minimax regret (IMMR) criterion. Moreover, the fuzzy decision space is delimited into a more robust one through dimensional enlargement of the original fuzzy constraints. The developed method is applied to a case study of planning water resources allocation under uncertainty. The results indicate that reasonable solutions have been generated. They can help decision makers identify desired strategies for water-resources allocation with a compromise between maximized system benefit and minimized system-failure risk.

Keywords: Decision making; Fuzzy sets; Interval-based; Minimax regret; Planning; Robust programming; Uncertainty; Water resources (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:recore:v:54:y:2009:i:2:p:86-96

DOI: 10.1016/j.resconrec.2009.06.011

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