More efficient optimization of long-term water supply portfolios

Water Resources Research

Volumn 45, Issue 3, 2009, Pages

  Kirsch, Brian R ^a   Characklis, Gregory W ^a   Dillard, Karen E M ^b   Kelley, C T ^c  

^a University of North Carolina at Chapel Hill   (United States)

^b AIR FORCE INSTITUTE OF TECHNOLOGY   (United States)

^c NORTH CAROLINA STATE UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

ACCURACY AND PRECISION; COMPUTATIONAL BURDENS; COMPUTATIONAL EFFORTS; COMPUTING TIME; CONTROL VARIATES; DECISION RULES; DEMAND GROWTHS; EFFICIENCY GAINS; EXPECTED VALUES; HIGH FREQUENCIES; HYDROLOGIC-ECONOMIC MODELS; LONG-TERM PERFORMANCE; LOW AMPLITUDES; MINIMUM COSTS; MODEL OUTPUTS; OPTIMAL PORTFOLIOS; OPTIMIZED SOLUTIONS; OPTION CONTRACTS; RANDOM VARIATIONS; RESERVOIR INFLOWS; SEARCH ALGORITHMS; STOCHASTIC INPUTS; VARIANCE REDUCTION TECHNIQUES;

COMPETITION; LEARNING ALGORITHMS; OPTIMIZATION; RANDOM PROCESSES; RESERVOIRS (WATER); WATER CONSERVATION; WATER SUPPLY; WATER SUPPLY SYSTEMS;

STOCHASTIC MODELS;

ALGORITHM; COST-BENEFIT ANALYSIS; DECISION MAKING; HYDROLOGICAL MODELING; INFLOW; INFRASTRUCTURAL DEVELOPMENT; OPTIMIZATION; PERFORMANCE ASSESSMENT; STOCHASTICITY; WATER DEMAND; WATER ECONOMICS; WATER SUPPLY;

EID: 65349192902     PISSN: 00431397     EISSN: None     Source Type: Journal    
DOI: 10.1029/2008WR007018     Document Type: Article

References (25)

1. Avramidis, A. N., and J. R. Wilson (1996), Integrated variance reduction strategies for simulation, Open Res., 44(2), 327-346, doi:10.1287/ opre.44.2.327.
2. Black, E, and M. Scholes (1973), The pricing of options and corporate liabilities, J. Polit. Econ., 81, 637-659, doi:10.1086/260062.
3. Boyle, P. P. (1977), Options: A Monte Carlo approach, J. Finan. Econ., 4(3), 323-338, doi:10.1016/0304-405X(77)90005-8.
4. Broadie, M., and P. Glasserman (1996), Estimating security price derivatives using simulation, Manage. Sci., 42(2), 269-285, doi:10.1287/ mnsc.42.2.269.
5. Brown, T. C. (2006), Trends in water market activity and price in the western United States, Water Resour. Res., 42, W09402, doi:10.1029/ 2005WR004180.
6. Characklis, G. W., et al. (1999), Improving the ability of a water market to efficiently manage drought, Water Resour. Res., 35(3), 823-831, doi:10.1029/1998WR900094.
7. Characklis, G. W., B. R. Kirsch, J. Ramsey, K. E. M. Dillard, and C. T. Kelley (2006), Developing portfolios of water supply transfers, Water Resour. Res., 42, W05403, doi:10.1029/2005WR004424.
8. Choi, T. D., et al. (1999), IFFCO: Implicit Filtering for Constrained Optimization, Version 2, Cent. for Res. in Sci. Comput., N. C. State Univ. at Raleigh.
9. Hull, J. C. (1999), Options, Futures, and Other Derivatives, Prentice-Hall, Upper Saddle River, N. J.
10. Intergovernmental Panel on Climate Change (IPCC) (2007), Working Group II: Impacts, Adaptation, and Vulnerability, Reading, U. K.
11. Johnson, H., and D. Shanno (1987), Option pricing when the variance is changing, J. Finan. Quant. Anal., 22(2), 143-151, doi:10.2307/ 2330709.
12. Kelley, C. T. (1999), Iterative Methods for Optimization, Soc. for Ind. and Appl. Math., Philadelphia, Pa.
13. Knapp, K. C, et al. (2003), Water transfers, agriculture, and groundwater management: A dynamic economic analysis, J. Environ. Manage., 67, 291 -301, doi:10.1016/S0301 -4797(02)00162-7.
14. Lavenberg, S. S., and P. D. Welch (1981), A perspective on the use of control variables to increase the efficiency of Monte Carlo simulations, Manage. Sci., 27(3), 322-335, doi:10.1287/mnsc.27.3.322.
15. Lund, J. R. (1993), Transaction risk versus transaction costs in water transfers, Water Resour. Res., 29(9), 3103-3107, doi:10.1029/93WR01389.
16. Lund, J. R., and M. Israel (1995a), Water transfers in water resource systems, J. Water Resour. Plann. Manage., 121(2), 193-204, doi:10.1061/ (ASCE)0733-9496(1995)121:2(193).
17. Lund, J. R., and M. Israel (1995b), Optimization of transfers in urban water supply planning, J. Water Resour. Plann. Manage., 121(1), 41-48, doi:10.1061/(ASCE)0733-9496(1995)121:1 (41).
18. Michelsen, A. M" and R. A. Young (1993), Optioning agricultural water rights for urban water supplies during drought, Am. J. Agric. Econ., 75(4), 1010-1020, doi:10.2307/1243988.
19. National Research Council (2001), Envisioning the Agenda for Water Resources Research in the Twenty-First Century, Natl. Acad. Press, Washington, D. C.
20. Smith, G. S., and C. M. Marin (1993), Analysis of short-run domestic water supply transfers under uncertainty, Water Resour. Res., 29(8), 2909-2916, doi:10.1029/93WR00183.
21. Stoneking, D. E., et al. (1991), Yield optimization using a GaAs process simulator coupled to a physical device model, paper presented at IEEE/ Cornell Conference on Advanced Concepts in High Speed Devices and Circuits, Inst. of Electr. and Electron. Eng., Ithaca, N. Y.
22. Watermaster's Office (2004), Contract log, Tex. Comm. of Environ. Qual., Harlingen.
23. Watkins, D. W, Jr., and D. C. McKinney (1997), Finding robust solutions to water resource problems, J. Water Resour. Plann. Manage., 123(1), 49-58, doi:10.1061/(ASCE)0733-9496(1997)123:l(49).
24. Wilchfort, O., and J. R. Lund (1997), Shortage management modeling for urban water supply systems, J. Water Resour. Plann. Manage., 132(4), 250-258, doi:10.1061/(ASCE)0733-9496(1997)123:4(250).
25. Young, R. A. (1986), Why are there so few transactions among water users?, Am. J. Agric. Econ., 68(5), 1143-1151, doi:10.2307/1241865.