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    Recursive expected conditional value at risk in the fleet renewal problem with alternative fuel vehicles

    Access Status
    Fulltext not available
    Authors
    Ansaripoor, Amir Hossein
    Oliveira, F.
    Liret, A.
    Date
    2016
    Type
    Journal Article
    
    Metadata
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    Citation
    Ansaripoor, A. and Oliveira, F. and Liret, A. 2016. Recursive expected conditional value at risk in the fleet renewal problem with alternative fuel vehicles. Transportation Research Part C: Emerging Technologies. 65: pp. 156-171.
    Source Title
    Transportation Research Part C: Emerging Technologies
    DOI
    10.1016/j.trc.2015.12.010
    ISSN
    1879-2359
    School
    School of Information Systems
    URI
    http://hdl.handle.net/20.500.11937/12798
    Collection
    • Curtin Research Publications
    Abstract

    We study the fleet portfolio management problem faced by a firm deciding which alternative fuel vehicles (AFVs) to choose for its fleet to minimise the weighted average of cost and risk, in a stochastic multi-period setting. We consider different types of technology and vehicles with heterogeneous capabilities. We propose a new time consistent recursive risk measure, the Recursive Expected Conditional Value at Risk (RECVaR), which we prove to be coherent. We then solve the problem for a large UK based company, reporting how the optimal policies are affected by risk aversion and by the clustering for each type of vehicle.

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