In this study, an interval minimax regret programming (IMMRP) method is developed for the planning of municipal solid waste (MSW) management under uncertainty. It improves on the existing interval programming and minimax regret analysis methods by allowing uncertainties presented as both intervals and random variables to be effectively communicated into the optimization process. The IMMRP can account for economic consequences under all possible scenarios without any assumption on their probabilities. The developed method is applied to a case study of long-term MSW management planning under uncertainty. Multiple scenarios associated with different cost and risk levels are analyzed. Reasonable solutions are generated, demonstrating complex tradeoffs among system cost, regret level, and system-failure risk. The method can also facilitate examination of the difference between the cost incurred with identified strategy and the least cost under an ideal condition. The results can help determine desired plans and policies for waste management under a variety of uncertainties.
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http://dx.doi.org/10.1080/10473289.2006.10464507 | DOI Listing |
Epidemiology
January 2025
From the Department of Economics and Institute for Policy Research, Northwestern University, Evanston, IL.
It has become standard in medical treatment to base dosage on evidence in randomized trials. Yet it has been rare to study how outcomes vary with dosage. In trials to obtain drug approval, the norm has been to compare some dose of a new drug with an established therapy or placebo.
View Article and Find Full Text PDFHeliyon
September 2024
Department of Electrical and Electronic Engineering, Southern University of Science and Technology, Shenzhen, China.
Given the rapid development of the distributed energy resources (DER), involving DERs into the wholesale market under the market and renewable uncertainties to achieve economic benefits is necessary but challenging. In this work, an arbitraging strategy is proposed for DER aggregators that bridge DERs with the wholesale market through energy trading. Besides, a novel self-adaptive minimax regret (MMR)-based optimal offering model is proposed for the DER aggregator to handle the uncertainties in both renewable generations and market prices.
View Article and Find Full Text PDFValue Health
December 2024
Department of Economics and Institute for Policy Research, Northwestern University, Evanston, IL, USA. Electronic address:
Objectives: This commentary seeks to improve the design and analysis of trials undertaken to obtain approval of drugs for treatment of rare diseases.
Methods: Methodological analysis reveals that use of hypothesis testing in the Food and Drug Administration drug approval process is harmful. Conventional asymmetric error probabilities bias the approval process against approval of new drugs.
PLoS One
April 2024
School of Economics and Management, Harbin Institute of Technology (Weihai), Weihai, China.
The effect of demand uncertainty reduction (DUR) on supply chain management has received tremendous attention. From a financial perspective, studying the impact of DUR is equally significant. This study explores the relationship between DUR and private equity (PE) financing in retail enterprises within a supply chain, which comprises a dominant supplier and a subordinate retailer.
View Article and Find Full Text PDFStochastic multiarmed bandits (stochastic MABs) are a problem of sequential decision-making with noisy rewards, where an agent sequentially chooses actions under unknown reward distributions to minimize cumulative regret. The majority of prior works on stochastic MABs assume that the reward distribution of each action has bounded supports or follows light-tailed distribution, i.e.
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