Finally, we added on the worst case costs to industry, representing the pessimistic estimate of net costs of each policy (see table 7).
If industry incurred substantial reformulation costs, the worst case costs might lie between £48m and £200m, according to the proportion of the total product line that required reformulation (table 3 shows percent reductions in consumption of trans fatty acids).
36 For policies that lead to partial reformulation, the worst case scenario was assumed to be proportional to the average reduction in trans fatty acids (for example, an average 50% reduction would have worst case costs of 50% of £200m that is, £100m).
That is, his aim is to minimize the worst-case cost.
The goal of the min-max formulation is to minimize the worst-case cost of the performance index, while guaranteeing performance/safety constraints for all possible disturbance realizations.
Following a min max approach, the code matrix is designed to minimize the worst-case cost under all possible target covariance matrices.
For the purpose, we develop a multi-objective optimization model for robust microgrid planning, on the basis of an economic robustness measure, i.e. the worst-case cost among possible scenarios, to reduce the variability among scenario costs caused by uncertainties.
The second and third problems occur when the switching rule is uncontrolled, and we seek either the worst-case cost when the rule is unknown, or respectively the expected cost when the rule is stochastic.
A robust control policy can be found in Pal et al. [ 116], devised via a minimisation of the worst-case cost over the uncertainty set, with uncertainty defined with respect to the entries of the transition probability matrix.
