To protect the security of energy supplies, China is building a national strategic petroleum reserve (SPR). Here we present a dynamic programming model to determine the optimal drawdown strategies for SPR under various scenarios, focusing on minimizing cost. In a natural disaster scenario, the optimal strategy is rapid drawdown of ~10% of the reserve to stabilize oil prices and ease supply shor...

The present study examined the effect of the geometric parameters of the Rockfill dams on the 2D static analysis of slope stability. In this regard, several numerical models analyzed for eight heights, three slopes of upstream and downstream, three vertical and skewed core thicknesses and four different impounding time stages namely, "End of Construction", "Full Reservoir", "Half Full Reservoir...

One of the main concerns to design earth dam is the stability of the upstream slope of the earth dam in phase of rapid drawdown. Confined pore water pressure reduces the effective stress in this mode, so possibility of the instability and slippage will be increased. The main goal of this research is to investigate changes in the pore water pressure by using horizontal drains in upstream slope o...

We consider the classic Kelly gambling problem with general distribution of outcomes, and an additional risk constraint that limits the probability of a drawdown of wealth to a given undesirable level. We develop a bound on the drawdown probability; using this bound instead of the original risk constraint yields a convex optimization problem that guarantees the drawdown risk constraint holds. N...

Risk management of drawdowns and portfolio optimization with drawdown constraints is becoming increasingly important among practitioners. In this paper, we introduce new types of contracts which depend on the maximum drawdown or on the average drawdown. Trading drawdown contracts would address directly the concerns of portfolio managers who would like to manage them. The maximum or the average ...