Variables Reduction in Sequential Resource Allocation Problems

This paper presents a general framework to address diverse notoriously difficult problems arising in the area of optimal resource management, exploitation of natural reserves, pension fund valuation, environmental protection, and storage operation. Using some common abstract features of this problem...

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Main Authors:	Juri Hinz, Tiziano Vargiolu
Format:	Article
Language:	English
Published:	MDPI AG 2020-04-01
Series:	Applied System Innovation
Subjects:	dynamic programming battery control storage valuation
Online Access:	https://www.mdpi.com/2571-5577/3/2/21

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spelling	doaj-092c9129569f48a984b1c1fee7e2c1ca2020-11-25T02:28:54ZengMDPI AGApplied System Innovation2571-55772020-04-013212110.3390/asi3020021Variables Reduction in Sequential Resource Allocation ProblemsJuri Hinz0Tiziano Vargiolu1School of Mathematical and Physical Sciences, University of Technology Sydney, P.O. Box 123, Broadway, NSW 2007, AustraliaDepartiment of Mathematics “Tullio Levi-Civita”, University of Padova, via Trieste 63, 35131 Padova, ItalyThis paper presents a general framework to address diverse notoriously difficult problems arising in the area of optimal resource management, exploitation of natural reserves, pension fund valuation, environmental protection, and storage operation. Using some common abstract features of this problem class, we present a technique which provides a significant reduction of decision variables. As an application, we discuss a battery storage control to show how a decision problem, which is practically unsolvable in the original formulation, can be treated by our method.https://www.mdpi.com/2571-5577/3/2/21dynamic programmingbattery controlstorage valuation
collection	DOAJ
language	English
format	Article
sources	DOAJ
author	Juri Hinz Tiziano Vargiolu
spellingShingle	Juri Hinz Tiziano Vargiolu Variables Reduction in Sequential Resource Allocation Problems Applied System Innovation dynamic programming battery control storage valuation
author_facet	Juri Hinz Tiziano Vargiolu
author_sort	Juri Hinz
title	Variables Reduction in Sequential Resource Allocation Problems
title_short	Variables Reduction in Sequential Resource Allocation Problems
title_full	Variables Reduction in Sequential Resource Allocation Problems
title_fullStr	Variables Reduction in Sequential Resource Allocation Problems
title_full_unstemmed	Variables Reduction in Sequential Resource Allocation Problems
title_sort	variables reduction in sequential resource allocation problems
publisher	MDPI AG
series	Applied System Innovation
issn	2571-5577
publishDate	2020-04-01
description	This paper presents a general framework to address diverse notoriously difficult problems arising in the area of optimal resource management, exploitation of natural reserves, pension fund valuation, environmental protection, and storage operation. Using some common abstract features of this problem class, we present a technique which provides a significant reduction of decision variables. As an application, we discuss a battery storage control to show how a decision problem, which is practically unsolvable in the original formulation, can be treated by our method.
topic	dynamic programming battery control storage valuation
url	https://www.mdpi.com/2571-5577/3/2/21
work_keys_str_mv	AT jurihinz variablesreductioninsequentialresourceallocationproblems AT tizianovargiolu variablesreductioninsequentialresourceallocationproblems
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Variables Reduction in Sequential Resource Allocation Problems

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