Migo-Sumagang et al. (2023): Mathematical Modeling and Monte Carlo Simulation of Negative Emissions Technology Portfolios
Maria Victoria Migo-Sumagang, Raymond R. Tan, Kathleen B. Aviso IN: Chemical Engineering Transaction, 106, https://doi.org/10.3303/CET23106003
Computing optimal NET portfolios are challenged by uncertainties in the availability of resources that are difficult to predict precisely. This work implements a two-step approach to evaluating the robustness of NET portfolios. The first step is mathematical modeling to generate optimal and suboptimal solutions. The second step is subjecting the solutions to Monte Carlo simulation to evaluate the tradeoff between their cost and robustness against uncertain resource availability. The two-step approach is demonstrated in a case study on NET portfolios.