Article
English
ID: <
http://hdl.handle.net/10251/90576>
Abstract
[es] We assess the added value of meteorological services providing probabilistic predictions for adverse climatic events considering two different seasons, corresponding to the same production cycle. This article relies on a dynamic cost-loss model to consider the role of prediction and early warning systems in decision-making processes. The analytical solution is presented for this problem, which is consistent with the numerical results in the literature. However, we show that the optimal policy has many different regions, depending on the cost of protection, the avoided loss and the quality of the information available. Finally, we illustrate the results with a numerical example.