A two-stage inexact programming with value-at-risk for water resources management

In this study, the application of a two-stage inexact programming with value-at-risk (TIPV) model in water resources system planning has been developed. The TIPV method is intended to tackle the inexact parameters and the risks of economic loss. The application of case study shows that more alternatives under multiple levels of risks could be generated. The amount of water shortages and the width of system benefit intervals would decrease as the risk increases. TIPV could provide more effective information for stakeholders to recognize social policies with maximized system benefits under various risk levels.