{"id":"https://openalex.org/W2157415565","doi":"https://doi.org/10.1057/palgrave.jors.2601769","title":"The efficient frontier for spot and forward purchases: an application to electricity","display_name":"The efficient frontier for spot and forward purchases: an application to electricity","publication_year":2004,"publication_date":"2004-06-09","ids":{"openalex":"https://openalex.org/W2157415565","doi":"https://doi.org/10.1057/palgrave.jors.2601769","mag":"2157415565"},"language":"en","primary_location":{"id":"doi:10.1057/palgrave.jors.2601769","is_oa":false,"landing_page_url":"https://doi.org/10.1057/palgrave.jors.2601769","pdf_url":null,"source":{"id":"https://openalex.org/S169988927","display_name":"Journal of the Operational Research Society","issn_l":"0160-5682","issn":["0160-5682","1476-9360"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319703","host_organization_name":"Palgrave Macmillan","host_organization_lineage":["https://openalex.org/P4310319703","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Palgrave Macmillan","Springer Nature"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of the Operational Research Society","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5084194422","display_name":"C.K. Woo","orcid":"https://orcid.org/0000-0001-8114-3350"},"institutions":[{"id":"https://openalex.org/I4210154099","display_name":"Environmental Energy & Engineering","ror":"https://ror.org/044p0s778","country_code":"US","type":"company","lineage":["https://openalex.org/I4210154099"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"C-K Woo","raw_affiliation_strings":["Energy and Environmental Economics, Inc. 353 Sacramento Street, Suite 1700 94111 San Francisco CA USA","Energy and Environmental Economics, Inc.\n353 Sacramento Street, Suite 1700\n94111 San Francisco CA USA"],"affiliations":[{"raw_affiliation_string":"Energy and Environmental Economics, Inc. 353 Sacramento Street, Suite 1700 94111 San Francisco CA USA","institution_ids":["https://openalex.org/I4210154099"]},{"raw_affiliation_string":"Energy and Environmental Economics, Inc.\n353 Sacramento Street, Suite 1700\n94111 San Francisco CA USA","institution_ids":["https://openalex.org/I4210154099"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5064284597","display_name":"Ira Horowitz","orcid":null},"institutions":[{"id":"https://openalex.org/I33213144","display_name":"University of Florida","ror":"https://ror.org/02y3ad647","country_code":"US","type":"education","lineage":["https://openalex.org/I33213144"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"I Horowitz","raw_affiliation_strings":["University of Florida 32611-7169 Gainesville FL USA"],"affiliations":[{"raw_affiliation_string":"University of Florida 32611-7169 Gainesville FL USA","institution_ids":["https://openalex.org/I33213144"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5067578035","display_name":"Brian Horii","orcid":null},"institutions":[{"id":"https://openalex.org/I4210154099","display_name":"Environmental Energy & Engineering","ror":"https://ror.org/044p0s778","country_code":"US","type":"company","lineage":["https://openalex.org/I4210154099"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"B Horii","raw_affiliation_strings":["Energy and Environmental Economics, Inc. 353 Sacramento Street, Suite 1700 94111 San Francisco CA USA","Energy and Environmental Economics, Inc.\n353 Sacramento Street, Suite 1700\n94111 San Francisco CA USA"],"affiliations":[{"raw_affiliation_string":"Energy and Environmental Economics, Inc. 353 Sacramento Street, Suite 1700 94111 San Francisco CA USA","institution_ids":["https://openalex.org/I4210154099"]},{"raw_affiliation_string":"Energy and Environmental Economics, Inc.\n353 Sacramento Street, Suite 1700\n94111 San Francisco CA USA","institution_ids":["https://openalex.org/I4210154099"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5020558078","display_name":"Rouslan I. Karimov","orcid":null},"institutions":[{"id":"https://openalex.org/I4210154099","display_name":"Environmental Energy & Engineering","ror":"https://ror.org/044p0s778","country_code":"US","type":"company","lineage":["https://openalex.org/I4210154099"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"R I Karimov","raw_affiliation_strings":["Energy and Environmental Economics, Inc. 353 Sacramento Street, Suite 1700 94111 San Francisco CA USA","Energy and Environmental Economics, Inc.\n353 Sacramento Street, Suite 1700\n94111 San Francisco CA USA"],"affiliations":[{"raw_affiliation_string":"Energy and Environmental Economics, Inc. 353 Sacramento Street, Suite 1700 94111 San Francisco CA USA","institution_ids":["https://openalex.org/I4210154099"]},{"raw_affiliation_string":"Energy and Environmental Economics, Inc.\n353 Sacramento Street, Suite 1700\n94111 San Francisco CA USA","institution_ids":["https://openalex.org/I4210154099"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":4,"corresponding_author_ids":["https://openalex.org/A5084194422"],"corresponding_institution_ids":["https://openalex.org/I4210154099"],"apc_list":null,"apc_paid":null,"fwci":2.3715,"has_fulltext":false,"cited_by_count":54,"citation_normalized_percentile":{"value":0.88958451,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":90,"max":99},"biblio":{"volume":"55","issue":"11","first_page":"1130","last_page":"1136"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10424","display_name":"Electric Power System Optimization","score":0.9998999834060669,"subfield":{"id":"https://openalex.org/subfields/2208","display_name":"Electrical and Electronic Engineering"},"field":{"id":"https://openalex.org/fields/22","display_name":"Engineering"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},"topics":[{"id":"https://openalex.org/T10424","display_name":"Electric Power System Optimization","score":0.9998999834060669,"subfield":{"id":"https://openalex.org/subfields/2208","display_name":"Electrical and Electronic Engineering"},"field":{"id":"https://openalex.org/fields/22","display_name":"Engineering"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T10603","display_name":"Smart Grid Energy Management","score":0.9987000226974487,"subfield":{"id":"https://openalex.org/subfields/2208","display_name":"Electrical and Electronic Engineering"},"field":{"id":"https://openalex.org/fields/22","display_name":"Engineering"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T11941","display_name":"Power System Reliability and Maintenance","score":0.9943000078201294,"subfield":{"id":"https://openalex.org/subfields/2213","display_name":"Safety, Risk, Reliability and Quality"},"field":{"id":"https://openalex.org/fields/22","display_name":"Engineering"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/spot-contract","display_name":"Spot contract","score":0.6892504692077637},{"id":"https://openalex.org/keywords/electricity","display_name":"Electricity","score":0.621599018573761},{"id":"https://openalex.org/keywords/volatility","display_name":"Volatility (finance)","score":0.6061779260635376},{"id":"https://openalex.org/keywords/purchasing","display_name":"Purchasing","score":0.5524946451187134},{"id":"https://openalex.org/keywords/spot-market","display_name":"Spot market","score":0.5129467844963074},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.5128796100616455},{"id":"https://openalex.org/keywords/minification","display_name":"Minification","score":0.4991724491119385},{"id":"https://openalex.org/keywords/forward-contract","display_name":"Forward contract","score":0.49304983019828796},{"id":"https://openalex.org/keywords/operations-research","display_name":"Operations research","score":0.42450961470603943},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.4104887843132019},{"id":"https://openalex.org/keywords/econometrics","display_name":"Econometrics","score":0.3554956018924713},{"id":"https://openalex.org/keywords/mathematical-optimization","display_name":"Mathematical optimization","score":0.3531314432621002},{"id":"https://openalex.org/keywords/operations-management","display_name":"Operations management","score":0.22737616300582886},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.15109321475028992},{"id":"https://openalex.org/keywords/mathematics","display_name":"Mathematics","score":0.11258924007415771}],"concepts":[{"id":"https://openalex.org/C175223733","wikidata":"https://www.wikidata.org/wiki/Q1047888","display_name":"Spot contract","level":3,"score":0.6892504692077637},{"id":"https://openalex.org/C206658404","wikidata":"https://www.wikidata.org/wiki/Q12725","display_name":"Electricity","level":2,"score":0.621599018573761},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.6061779260635376},{"id":"https://openalex.org/C2778813691","wikidata":"https://www.wikidata.org/wiki/Q1369832","display_name":"Purchasing","level":2,"score":0.5524946451187134},{"id":"https://openalex.org/C2776789725","wikidata":"https://www.wikidata.org/wiki/Q1572221","display_name":"Spot market","level":3,"score":0.5129467844963074},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.5128796100616455},{"id":"https://openalex.org/C147764199","wikidata":"https://www.wikidata.org/wiki/Q6865248","display_name":"Minification","level":2,"score":0.4991724491119385},{"id":"https://openalex.org/C38904191","wikidata":"https://www.wikidata.org/wiki/Q744762","display_name":"Forward contract","level":3,"score":0.49304983019828796},{"id":"https://openalex.org/C42475967","wikidata":"https://www.wikidata.org/wiki/Q194292","display_name":"Operations research","level":1,"score":0.42450961470603943},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4104887843132019},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3554956018924713},{"id":"https://openalex.org/C126255220","wikidata":"https://www.wikidata.org/wiki/Q141495","display_name":"Mathematical optimization","level":1,"score":0.3531314432621002},{"id":"https://openalex.org/C21547014","wikidata":"https://www.wikidata.org/wiki/Q1423657","display_name":"Operations management","level":1,"score":0.22737616300582886},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.15109321475028992},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.11258924007415771},{"id":"https://openalex.org/C106306483","wikidata":"https://www.wikidata.org/wiki/Q183984","display_name":"Futures contract","level":2,"score":0.0},{"id":"https://openalex.org/C119599485","wikidata":"https://www.wikidata.org/wiki/Q43035","display_name":"Electrical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1057/palgrave.jors.2601769","is_oa":false,"landing_page_url":"https://doi.org/10.1057/palgrave.jors.2601769","pdf_url":null,"source":{"id":"https://openalex.org/S169988927","display_name":"Journal of the Operational Research Society","issn_l":"0160-5682","issn":["0160-5682","1476-9360"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319703","host_organization_name":"Palgrave Macmillan","host_organization_lineage":["https://openalex.org/P4310319703","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Palgrave Macmillan","Springer Nature"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of the Operational Research Society","raw_type":"journal-article"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.621.8557","is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.621.8557","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.energy.ca.gov/2007_energypolicy/documents/2007-06-04_workshop/public_comments/CK_Woo_2004_Efficient_Frontier_5-31-07.pdf","raw_type":"text"},{"id":"pmh:oai:RePEc:pal:jorsoc:v:55:y:2004:i:11:d:10.1057_palgrave.jors.2601769","is_oa":false,"landing_page_url":"http://link.springer.com/10.1057/palgrave.jors.2601769","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":24,"referenced_works":["https://openalex.org/W164105122","https://openalex.org/W342960286","https://openalex.org/W1966296364","https://openalex.org/W1969997114","https://openalex.org/W1971000102","https://openalex.org/W1985047151","https://openalex.org/W1987040033","https://openalex.org/W1988669463","https://openalex.org/W1991030931","https://openalex.org/W1995434201","https://openalex.org/W2019502940","https://openalex.org/W2038028734","https://openalex.org/W2039437535","https://openalex.org/W2056346592","https://openalex.org/W2061974965","https://openalex.org/W2067478551","https://openalex.org/W2091020207","https://openalex.org/W2131866517","https://openalex.org/W2159220138","https://openalex.org/W2751335644","https://openalex.org/W2768029433","https://openalex.org/W2801840425","https://openalex.org/W3123111994","https://openalex.org/W4292923457"],"related_works":["https://openalex.org/W2155730455","https://openalex.org/W2029612111","https://openalex.org/W3124419189","https://openalex.org/W1993495500","https://openalex.org/W2167093630","https://openalex.org/W1995842283","https://openalex.org/W2086784031","https://openalex.org/W3124712268","https://openalex.org/W1508576965","https://openalex.org/W3121464938"],"abstract_inverted_index":{"A":[0],"local":[1],"electricity":[2],"distribution":[3],"company":[4],"(LDC)":[5],"can":[6],"reduce":[7],"its":[8,116],"exposure":[9],"to":[10,27,109,114],"the":[11,29,42,61,73,80,90,97,100],"inherent":[12],"risks":[13],"of":[14,64],"spot-price":[15],"volatility":[16],"and":[17,69,112],"uncertain":[18],"future":[19],"demand":[20],"via":[21],"forward":[22],"contracts.":[23],"Management's":[24],"problem":[25],"is":[26,86],"determine":[28,115],"optimal":[30,49,84],"forward-contract":[31,117],"purchase.":[32,118],"We":[33],"propose":[34],"a":[35,53],"practical":[36],"three-stage":[37],"approach":[38],"for":[39],"dealing":[40],"with":[41,92],"problem.":[43,56],"The":[44,57,83],"first":[45],"stage":[46,59],"determines":[47],"an":[48,110],"purchase":[50],"by":[51,88],"solving":[52],"cost-constrained":[54],"risk-minimization":[55],"second":[58],"derives":[60],"efficient":[62],"frontier":[63,91],"tradeoffs":[65],"between":[66],"expected":[67,81],"cost":[68,70],"risk":[71,94],"from":[72,105],"first-stage":[74],"solution,":[75],"at":[76],"various":[77],"bounds":[78],"on":[79],"cost.":[82],"solution":[85],"found":[87],"melding":[89],"management's":[93],"preferences.":[95],"In":[96],"third":[98],"stage,":[99],"model's":[101],"parameters":[102],"are":[103],"estimated":[104],"data":[106],"typically":[107],"available":[108],"LDC":[111],"used":[113]},"counts_by_year":[{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":3},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":3},{"year":2018,"cited_by_count":5},{"year":2017,"cited_by_count":6},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":6},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":2}],"updated_date":"2026-04-04T16:13:02.066488","created_date":"2025-10-10T00:00:00"}