Environmental Engineering Reference
In-Depth Information
(a)
Description of flooding
system (Present day)
(S-P-R)
External constraints and
objective functions
(preferences)
Flood System Risk Analysis Tools
(e.g. fastRASP)
User input
Autonomous future change
(e.g. climate / socio-economic / deterioration
etc.)
Optimization Engine (Optimo)
Generation and optimization of real options
Output
External
futures
Expenditure / Option Cost Tools
(cost functions for improvement , reconditioning and
replacement , channel and beach management etc.)
Optimal option sets and
decision support
Costs
Fig. 15.12
(a) Building blocks of an optimization tool being developed by HR Wallingford/Exeter University. (b) Nett
Benefit of the investment strategy proposed by each successive generation (Philips, 2006).
.
An ability to explore real options: Real options
describe 'a choice that becomes available through
an investment opportunity or action' (HM Trea-
sury 2009). GAs enable the development of opti-
mal, real options through time that take account
of the constraints placed upon future choices by
previous actions. This enables options to emerge
that are appropriately adaptive and robust to
