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
Link To Document