Modelling hydroclimatic uncertainty and short‐run irrigator decision making: the Goulburn system*

Griffith, Marnie; Codner, Gary; Weinmann, Erwin; Schreider, Sergei

doi:10.1111/j.1467-8489.2009.00465.x

Cited by 11 publications

(3 citation statements)

References 18 publications

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“…The Goulburn River Basin is located in the south-western part of State Victoria, Australia. The description of the region and a review of the literature devoted to water resource modeling and planning can be found, for instance, in References [18][19][20]. The review of papers on allocation modeling in this region and water trading can be found in References [21][22][23].…”

Section: Numerical Study: Goulburn River Cascadementioning

confidence: 99%

Towards Tensor Representation of Controlled Coupled Markov Chains

McInnes

Miller

et al. 2020

Mathematics

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For a controlled system of coupled Markov chains, which share common control parameters, a tensor description is proposed. A control optimality condition in the form of a dynamic programming equation is derived in tensor form. This condition can be reduced to a system of coupled ordinary differential equations and admits an effective numerical solution. As an application example, the problem of the optimal control for a system of water reservoirs with phase and balance constraints is considered.

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Section: Numerical Study: Goulburn River Cascadementioning

confidence: 99%

Towards Tensor Representation of Controlled Coupled Markov Chains

McInnes

Miller

et al. 2020

Mathematics

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“…In water‐scarce areas, hydroclimatic uncertainty is also costly in terms of irrigation decision efficiency (Griffith et al . ). Very often farmers have to make crop and management decisions without knowledge of how much water will be available in the season (Calatrava and Garrido ; Iglesias et al .…”

Section: Introductionmentioning

confidence: 97%

Optimisation of water procurement decisions in an irrigation district: the role of option contracts

Rey

Calatrava

Garrido

2015

Aus J Agri & Res Econ

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Water supply instability is one of the main risks faced by irrigation districts and farmers. Water procurement decision optimisation is essential in order to increase supply reliability and reduce costs. Water markets, such as spot purchases or water supply option contracts, can make this decision process more flexible. We analyse the potential interest in an option contract for an irrigation district that has access to several water sources. We apply a stochastic recursive mathematical programming model to simulate the water procurement decisions of an irrigation district's board operating in a context of water supply uncertainty in south‐eastern Spain. We analyse what role different option contracts could play in securing its water supply. Results suggest that the irrigation district would be willing to accept the proposed option contract in most cases subject to realistic values of the option contract financial terms. Of nine different water sources, desalination and the option contract are the main substitutes, where the use of either depends on the contract parameters. The contract premium and optioned volume are the variables that have a greater impact on the irrigation district's decisions.

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“…As far as we know, by reviewing previous literatures, past researches were mainly focused on using single objective optimization to resolve water allocation problem [7][8][9][10][11]. However, it is hard to make a feasible and reliable water allocation strategy based on only one water objective optimization.…”

Section: Introductionmentioning

confidence: 99%