Risk Analysis 101: fooled by local robustness ... again!
Abstract: This article explains, again, why radius of stability models, such as info-gap's robustness model, are models of local robustness and why they are therefore unsuitable for the treatment of severe uncertainty.
Keywords: robustness, local, global, maximin, info-gap, severe uncertainty
Category 1: Robust Optimization
Citation: Working Paper SM-12-2, Department of Mathematics and Statistics, The University of Melbourne, Melbourne, Victoria, Australia.
Entry Submitted: 09/24/2012
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