We study how to model and handle correlated travel times in two-stage stochastic vehicle-routing problems. We allow these travel times to be correlated in time and space; that is, the travel time on one link in one period can be correlated to travel times on the same link in the next and previous pe...

We present a literature survey and research gap analysis of mathematical and statistical methods used in the context of optimizing bids in electricity markets. Particularly, we are interested in methods for hydropower producers that participate in multiple, sequential markets for short-term delivery...

The energy markets are characterized by many agents simultaneously solving decision problems under uncertainty. It is argued that Monte Carlo simulations are not an adequate way to assess behavioral uncertainty; one should rather rely on stochastic modelling. Drawing on economics, decision theory an...

A major driver of planning complexity in engineer-to-order (ETO) projects is design uncertainty far into the engineering and production processes. This leads to uncertainty in technical information and will typically lead to a revision of parts of the project network itself. Hence, this uncertainty ...