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CATEGORIES:Isaac Newton Institute Seminar Series
SUMMARY:A Unified Framework for Stochastic Optimization in
Energy - Warren Powell (Princeton University)
DTSTART;TZID=Europe/London:20190107T113000
DTEND;TZID=Europe/London:20190107T123000
UID:TALK116737AThttp://talks.cam.ac.uk
URL:http://talks.cam.ac.uk/talk/index/116737
DESCRIPTION:A Unified Framework for Stochastic Optimization in
Energy
Warren B. Powell
Dept. of Operatio
ns Research and Financial Engineering
Princeto
n University
Energy systems offer a varie
ty of forms of uncertainty that have to be accommo
dated to ensure a reliable source of power. The m
odeling of these sequential decision problems unde
r uncertainty has lacked the kind of canonical fra
mework long enjoyed by deterministic problems. I
will introduce a modeling framework that is comple
tely general\, which involves three mathematical c
hallenges: 1) machine learning (there are up to fi
ve classes of learning problems)\, 2) uncertainty
modeling\, and 3) designing policies\, which are f
unctions for making decisions. There are two fund
amental strategies for creating policies\, each of
which further divides into two subclasses\, creat
ing four classes of policies. These four (meta)cl
asses of policies are universal\, in that any meth
od used to solve a sequential decision problem wil
l be drawn from this set. The four classes are il
lustrated in the context of several applications i
n energy systems. An energy storage application i
s then used to demonstrate that each of the four c
lasses of policies might be best depending on the
characteristics of the data.
LOCATION:Seminar Room 1\, Newton Institute
CONTACT:INI IT
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