Applications of Stochastic Programming

In the words of editors Wallace (qualitative logistics, Molde U. College, Norway) and Ziemba (financial modeling and stochastic optimization, U. of British Columbia, Canada), stochastic programming " is the stuff of procedures for decision making under uncertainty over time." They present 10 papers detailing the publicly available stochastic programming systems that are currently operational, as well a diverse set of 22 applications. These latter include applications related to fleet management, supply chain optimization, mitigating anthropogenic climate change, flood and seismic risk management, refinancing mortgages, optimization models for structuring index funds, oil price protection strategies, unit commitment in hydrothermal power production planning, and valuation of electricity generation capacity, among others. Annotation c2005 Book News, Inc., Portland, OR (booknews.com)

About the Editors Stein W. Wallace is Professor of Quantitative Logistics at Molde University College, Norway. He has held visiting positions at institutions in both Europe and the United States. He is co-author, with Peter Kall of Zurich, of the first textbook in stochastic programming, and he has published more than 50 articles in refereed journals. William T. Ziemba is Alumni Professor of Financial Modeling and Stochastic Optimization at the Sauder School of Business at the University of British Columbia. He has held visiting positions at universities in Europe, the United States, and Asia and is a consultant in the financial and investment industries. He has served as CORS editor of INFOR and department of finance editor of Management Science. He is author or editor of over 20 books and has published over 200 papers in refereed journals.