Article ID: | iaor19981210 |
Country: | Netherlands |
Volume: | 81 |
Issue: | 3 |
Start Page Number: | 535 |
End Page Number: | 542 |
Publication Date: | Mar 1995 |
Journal: | European Journal of Operational Research |
Authors: | Lamond Bernard F., Sobel Matthew J., Monroe Susan L. |
Keywords: | programming: dynamic, markov processes |
We analyze a discrete-time model of a single reservoir whose discharges generate hydroelectric power. Inflows in successive periods are random variables and the structure of the model is invariant over time. Revenue from hydroelectric production is assumed to follow a piecewise linear function. We characterize an optimal discharge policy and describe numerical results for the computation of approximately optimal policies.