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dc.contributor.authorRoyset, J.O.
dc.contributor.authorRockafellar, R.T.
dc.date2015
dc.date.accessioned2016-05-18T20:47:00Z
dc.date.available2016-05-18T20:47:00Z
dc.date.issued2015
dc.identifier.citationJ.O. Royset, R.T. Rockafellar, "Risk measures in engineering design under uncertainty," Proceedings of International Conference on Applications of Statistics and Probability in Civil Engineering (ICASP) 2015.en_US
dc.identifier.urihttp://hdl.handle.net/10945/48695
dc.description.abstractEngineering decisions are invariably made under substantial uncertainty about current and future system cost and response, including cost and response associated with low-probability, high-consequence events. A risk-neutral decision maker would rely on expected values when comparing designs, while a riskaverse decision maker might adopt nonlinear utility functions or failure probability criteria. The paper shows that these models for making decisions fall within a framework of risk measures that includes many other possibilities. General recommendations for selecting risk measures lead to decision models for risk-averse decision making that comprehensively represent risks in engineering systems, avoid paradoxes, and accrue substantial benefits in subsequent risk, reliability, and cost optimization. The paper provides an overview of the framework of decision making based on risk measures and illustrates the approach in a truss design example.en_US
dc.description.sponsorshipAir Force Office of Scientific Researchen_US
dc.description.sponsorshipDARPAen_US
dc.format.extent8 p.en_US
dc.rightsThis publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.en_US
dc.titleRisk Measures in Engineering Design under Uncertaintyen_US
dc.typeConference Paperen_US
dc.contributor.corporateNaval Postgraduate School (U.S.)en_US
dc.contributor.departmentOperations Research (OR)en_US
dc.description.funderDARPAen_US
dc.description.funderAir Force Office of Scientific Researchen_US


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