• Eric Allen
  • Marija Ilić
Part of the Advances in Industrial Control book series (AIC)


This book focuses on problems requiring zero-one decisions (i.e. on-off) for which price is an important factor. The objective of the problem is to maximize the expected profit or benefit over a time horizon of many hours, days, or even weeks. Such problems are faced by electric generator owners as well as large industrial users. Although this book presents examples with only two control options, the techniques are generalizable to problems where several options may be considered. Since the profit during any hour in the future is a random quantity when viewed from the present, the problem is stochastic in nature.


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Copyright information

© Springer-Verlag London 1999

Authors and Affiliations

  • Eric Allen
    • 1
  • Marija Ilić
    • 2
  1. 1.New York Power PoolSchenectadyUSA
  2. 2.Dept. of Electical Engineering and Computer ScienceM.I.T.CambridgeUSA

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