A risk-aversion approach for the Multiobjective Stochastic Programming problem

TL;DR

This paper introduces a risk-aversion approach for multiobjective stochastic programming, proposing a new solution concept and a linear programming model tailored for risk-averse decision-making in uncertain, multi-criteria problems.

Contribution

It presents a novel risk-aversion solution concept and a linear programming model specifically designed for multiobjective stochastic programming.

Findings

New risk-averse solution concept introduced

Linear programming model developed for the approach

Applicable to emergency-related multiobjective problems

Abstract

Multiobjective stochastic programming is a field well located to tackle problems arising in emergencies, given that uncertainty and multiple objectives are usually present in such problems. A new concept of solution is proposed in this work, especially designed for risk-aversion solutions. A linear programming model is presented to obtain such solution.