Uncertainty

Finn R. Førsund
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Finn R. Førsund: University of Oslo

Chapter Chapter 9 in Hydropower Economics, 2015, pp 207-234 from Springer

Abstract: Abstract A very basic feature of hydropower operation that has been neglected so far is that inflows to the reservoirs are stochastic variables. Weather is predicted, but as we all know with varying accuracy. The problems this creates for hydropower management are quite obvious. A decision about use of water, i.e., production in the current period and transferring water to the next period, has to be made in the current period while the inflows of the future periods up to the horizon are known only by their predictions.

Keywords: Demand Function; Demand Curve; Stochastic Variable; Social Planner; Interior Solution (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1007/978-1-4899-7519-5_9

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