Desirable policies of a strategic petroleum reserve in coping with disruption risk: A Markov decision process approach.
Y. BaiP. ZhouD. Q. ZhouF. Y. MengK. Y. JuPublished in: Comput. Oper. Res. (2016)
Keyphrases
- optimal policy
- natural disasters
- decision making
- markov decision process
- reward function
- control policy
- case study
- risk management
- risk assessment
- markov decision processes
- decision problems
- long run
- sufficient conditions
- supply chain
- minimum risk
- reinforcement learning
- dynamic programming
- state space
- risk analysis
- petroleum industry
- control policies
- high risk
- infinite horizon
- finite state
- early warning
- mobile robot
- crude oil
- risk averse
- revenue management
- risk measures
- decision support system
- multistage
- competitive environment
- strategic decisions
- capacity planning
- markov decision problems
- transition probabilities
- emergency management