A Multi-Objective Risk-Based Game Theoretic Approach to Reservoir Operation Policy in Potential Future Drought Condition

In this paper, by using the concept of Conditional Value at Risk (CVaR), a Leader-Follower game (LFG) based multi-objective optimization model is developed to determine the optimum 12-month operation policy of a reservoir in potential future dry periods. The minimization of CVaRs of storage loss and agricultural and environmental deficits along with maximization of planned allocation to agricultural sector are considered as leader’s objectives,...