• DocumentCode
    3272728
  • Title

    Conditional value-at-risk model for hazardous materials transportation

  • Author

    Kwon, Changhyun

  • Author_Institution
    SUNY - Univ. at Buffalo, Buffalo, NY, USA
  • fYear
    2011
  • fDate
    11-14 Dec. 2011
  • Firstpage
    1703
  • Lastpage
    1709
  • Abstract
    This paper investigates how the conditional value-at-risk (CVaR) can be used to mitigate risk in hazardous materials (hazmat) transportation. Routing hazmat must consider accident probabilities and accident consequences that depend on the hazmat types and route choices. This paper proposes a new method for mitigating risk based on CVaR measure. While the CVaR model is popularly used in financial portfolio optimization problems, its application in hazmat transportation is new. A computational method for determining the optimal CVaR route is proposed and illustrated by a case study in the road network surrounding Albany, NY.
  • Keywords
    accidents; hazardous materials; investment; optimisation; risk analysis; road traffic; roads; transportation; CVaR model; accident consequence; accident probability; conditional value-at-risk model; financial portfolio optimization problem; hazardous material transportation; hazmat routing; optimal CVaR route; risk mitigation; road network; Accidents; Computational modeling; Hazardous materials; Optimization; Reactive power; Roads;
  • fLanguage
    English
  • Publisher
    ieee
  • Conference_Titel
    Simulation Conference (WSC), Proceedings of the 2011 Winter
  • Conference_Location
    Phoenix, AZ
  • ISSN
    0891-7736
  • Print_ISBN
    978-1-4577-2108-3
  • Electronic_ISBN
    0891-7736
  • Type

    conf

  • DOI
    10.1109/WSC.2011.6147886
  • Filename
    6147886