Comparison of alternative decision-making criteria in a two-stage stochastic program for the design of distributed energy systems under uncertainty

Georgios Mavromatidis, Kristina Orehounig and Jan Carmeliet

Energy, 2018, vol. 156, issue C, 709-724

Abstract: The design of distributed energy systems (DES) is affected by uncertainty, which can render designs suboptimal. DES design is further complicated by the various decision-maker attitudes towards uncertainty, which range between pessimism and optimism. An additional important factor is the risk of extreme outcomes (e.g. high costs) in highly unfavourable scenarios. Incorporating all decision-maker attitudes towards uncertainty in DES design enables more informed design decisions under uncertainty.

Keywords: distributed energy systems; Uncertainty; Two-stage stochastic programming; Decision-making criteria; Risk neutrality; Risk aversion (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations: View citations in EconPapers (23)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0360544218309010
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:156:y:2018:i:c:p:709-724

DOI: 10.1016/j.energy.2018.05.081

Access Statistics for this article

Energy is currently edited by Henrik Lund and Mark J. Kaiser

More articles in Energy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().