Value-at-Risk model for hazardous material transportation

@article{Kang2014ValueatRiskMF,
  title={Value-at-Risk model for hazardous material transportation},
  author={Yingying Kang and Rajan Batta and Changhyun Kwon},
  journal={Annals OR},
  year={2014},
  volume={222},
  pages={361-387}
}
This paper develops a Value-at-Risk (VaR) model to generate route choices for a hazmat shipment based on a specified risk confidence level. The objective is to determine a route which minimizes the likelihood that the risk will be greater than a set threshold. Several properties of the VaR model are established. An exact solution procedure is developed and tested to solve the single-trip problem. To test the applicability of the approach, routes obtained from the VaR model are compared with… CONTINUE READING
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