Time-Dependent Conditional Value-at-Risk Minimization Algorithm for Hazardous Materials Routing
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This thesis project proposes new methods for mitigating risk in hazardous materials (hazmat) transportation, based on Conditional Value-at-Risk (CVaR) measure, on time-dependent vehicular networks. While the CVaR risk measure has been popularly used in financial portfolio optimization problems, its application in hazmat transportation has been only recently proposed. Routing hazmat must consider accident probabilities and accident consequences that depend on the hazmat types and route choices. The CVaR model is shown to be a flexible, general routing model for hazmat transportation that can be solved efficiently. This research project, extends the previous research by considering CVaR for hazmat transportation on time-dependent networks. The efficiency of the proposed model, is demonstrated in an actual road network case study, developed in a portion of Buffalo's, NY transportation network, and the numerical results are provided in this manuscript.