5.3. Markov models

Thomas R. Bowe, William D. Dapkus and James B. Patton

Energy, 1990, vol. 15, issue 7, 661-676

Abstract: This paper introduces the use of Markov models for engineering-economic planning. Markov models capture the uncertainty and dynamics in the engineering- economic decision environment. The paper describes how, when, and why to use Markov models. It describes the steps of model formulation, parameter estimation and solution. It discusses the use of stochastic programming to optimize decisions. Software are identified which perform the required calculations. An application for system expansion planning, reported in a previous paper, is summarized.

Date: 1990
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Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:15:y:1990:i:7:p:661-676

DOI: 10.1016/0360-5442(90)90013-R

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