Multi-Objective Simulation-Optimization Model for Long-term Reservoir Operation using Piecewise Linear Hedging Rule

K. Srinivasan () and Kranthi Kumar ()
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K. Srinivasan: Indian Institute of Technology Madras
Kranthi Kumar: Indian Institute of Technology Madras

Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), 2018, vol. 32, issue 5, No 22, 1911 pages

Abstract: Abstract An efficiently parameterized and appropriately structured piecewise linear hedging rule is formulated and included within a multi-objective simulation-optimization (S-O) framework that seeks to obtain Pareto-optimal solutions for the long-term hedged operation of a single water supply reservoir. Two conflicting objectives, namely, “minimize the total shortage ratio” and “minimize the maximum shortage” are considered in the S-O framework, while explicit specification of constraints is avoided in the optimization module. Evolutionary search based non-dominated sorting genetic algorithm is used as the driver, which is linked to the simulation engine that invokes the piecewise linear hedging rule within the S-O framework. Preconditioning of the multi-objective stochastic search of the time-varying piecewise linear hedging model is effected by feeding initial feasible solutions sampled from the Pareto-optimal front of a simple constant hedging parameter model, which has resulted in significant improvement of the Pareto-optimality and the computational efficiency.

Keywords: Reservoir hedging; Piecewise linear hedging rule; Multi-objective GA; Simulation-optimization; Preconditioning (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1007/s11269-018-1911-y

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