A multi-objective optimization model with conditional value-at-risk constraints for water allocation equality
2016
Hu, Zhineng | Wei, Changting | Yao, Liming | Li, Ling | Li, Chaozhi
Water scarcity is a global problem which causes economic and political conflicts as well as degradation of ecosystems. Moreover, the uncertainty caused by extreme weather increases the risk of economic inefficiency, an essential consideration for water users. In this study, a multi-objective model involving water allocation equality and economic efficiency risk control is developed to help water managers mitigate these problems. Gini coefficient is introduced to optimize water allocation equality in water use sectors (agricultural, domestic, and industrial sectors), and CVaR is integrated into the model constraints to control the economic efficiency loss risk corresponding to variations in water availability. The case study demonstrates the practicability and rationality of the developed model, allowing the river basin authority to determine water allocation strategies for a single river basin.
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