Optimization of Warning Systems based on Economic Criteria
A theoretical analysis of the relationship between a warning organisation and the users of the warnings issued by this organisation is presented in this report. The warning organisation is usually a weather service. Users might be farmers, hydrological services, airport authorities or management boards of power plants. The warning organisation will thereafter be referred to as the issuer, the user of the warnings as the addressee. They will be referred to as ”the actors” when considered together. The methodology is inspired by numerous mathematical developments that occurred during the last decades in finance engineering, aimed at providing investors with optimal decisional schemes.
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