Due to the increase in energy demand, many countries suffer from energy poverty because of insufficient and expensive energy supply. Plans to use alternative power like nuclear power for electricity generation are being revived among developing countries. Decisions for installation of power plants need to be based on careful assessment of future energy supply and demand, economic and financial implications and requirements for technology transfer. Since the problem involves many vague parameters, a fuzzy model should be an appropriate approach for dealing with this problem. This study develops a Fuzzy Multi-Objective Linear Programming (FMOLP) model for solving the nuclear power plant installation problem in fuzzy environment. FMOLP approach is recommended for cases where the objective functions are imprecise and can only be stated within a certain threshold level. The proposed model attempts to minimize total duration time, total cost and maximize the total crash time of the installation project. By using FMOLP, the weighted additive technique can also be applied in order to transform the model into Fuzzy Multiple Weighted-Objective Linear Programming (FMWOLP) to control the objective values such that all decision makers target on each criterion can be met. The optimum solution with the achievement level for both of the models (FMOLP and FMWOLP) are compared with each other. FMWOLP results in better performance as the overall degree of satisfaction depends on the weight given to the objective functions. A numerical example demonstrates the feasibility of applying the proposed models to nuclear power plant installation problem.
A comparison of probability of ruin and expected discounted utility as objective functions for chosing a post-retirement investment strategy