Stationarity and regularity in variational analysis with applications to optimization. This project will significantly develop the theoretical basis of variational analysis and optimization. Improving the understanding of regularity and stationarity issues in optimization theory will lead to major national benefits in increasing efficiencies and reducing costs in many fields of human endeavour on a national and international level.
Design and Construction Error Mitigation in Infrastructure Projects. Human errors committed during the design and construction process of infrastructure projects increase costs by as much as 25 per cent. The costs associated with such errors would be significantly higher in the event of an engineering failure and loss of life. This research will develop a model that can be used to mitigate errors and improve the performance and safety of infrastructure projects. A reduction in errors will reduce ....Design and Construction Error Mitigation in Infrastructure Projects. Human errors committed during the design and construction process of infrastructure projects increase costs by as much as 25 per cent. The costs associated with such errors would be significantly higher in the event of an engineering failure and loss of life. This research will develop a model that can be used to mitigate errors and improve the performance and safety of infrastructure projects. A reduction in errors will reduce the financial burden placed on taxpayers for cost overruns experienced as well as improve the profitability of organisations. This will lead to greater investment, and contribution to gross domestic product.Read moreRead less
Risk and Reliability in Stochastic Optimisation and Equilibrium. This project seeks to develop theory and methodology in optimisation which take advantage of recent progress in understanding and treating risk in decision making. Problems of optimisation in the face of uncertainty must confront the risk inherent in having to make reliable decisions before knowing the outcomes of crucial random variables on which costs and constraints may depend. Recent theoretical developments, featuring ‘measure ....Risk and Reliability in Stochastic Optimisation and Equilibrium. This project seeks to develop theory and methodology in optimisation which take advantage of recent progress in understanding and treating risk in decision making. Problems of optimisation in the face of uncertainty must confront the risk inherent in having to make reliable decisions before knowing the outcomes of crucial random variables on which costs and constraints may depend. Recent theoretical developments, featuring ‘measures of risk’ beyond just-expected values and quantiles offer hope of major new advances. This project aims to achieve such advances not only in optimisation but also in models of equilibrium that likewise have to deal with uncertainty. Extending current theory and methodology to such multi-stage stochastic models is a challenge. Besides taking up this challenge for its own sake, a major goal of this research will be to use the results in solution algorithms.Read moreRead less
Quantitative and qualitative aspects of Asian and Australian options. While Asian options are highly popular and traded over the counter all over the world, they are traded on an institutional basis in only very few countries. Australia is one of them. Variable purchase options (VPO's), where the payoff is determined by the quotient of a stock and its average price, are traded on the Australian stock exchange since 1992. They build an important component of the Australian derivatives market and ....Quantitative and qualitative aspects of Asian and Australian options. While Asian options are highly popular and traded over the counter all over the world, they are traded on an institutional basis in only very few countries. Australia is one of them. Variable purchase options (VPO's), where the payoff is determined by the quotient of a stock and its average price, are traded on the Australian stock exchange since 1992. They build an important component of the Australian derivatives market and are particularly interesting for foreign investors, who are not able to find this sort of financial product on their domestic markets. A better understanding of these products is necessary to maximize the benefits for Australia's financial markets and economy. Read moreRead less
WaterLog - A mathematical model to implement recommendations of The Wentworth Group. In 2003, The Wentworth Group of Concerned Scientists released their 'Blueprint for a national water plan' with the primary objective to 'protect river health and the rights of all Australians to clean usable water'. Currently, there are significant water restrictions in all the Australian mainland capital cities. In January 2007, the Prime Minister of Australia, announced a bold plan to rescue the Murray-Darling ....WaterLog - A mathematical model to implement recommendations of The Wentworth Group. In 2003, The Wentworth Group of Concerned Scientists released their 'Blueprint for a national water plan' with the primary objective to 'protect river health and the rights of all Australians to clean usable water'. Currently, there are significant water restrictions in all the Australian mainland capital cities. In January 2007, the Prime Minister of Australia, announced a bold plan to rescue the Murray-Darling Basin. The plan incorporates political management changes, and an investment of $10Bn. Now is the time to develop improved techniques for management of water storage systems. This project will develop the fundamental mathematical principles required for this improved management.Read moreRead less
Optimal control of nonlinear delay systems: theory, algorithms, and applications. Time delays are present in many engineering systems, including robots, irrigation canals, and chemical reactors. This project aims to develop state-of-the-art techniques for controlling systems with time delays in an optimal manner.
Problems of identification and inference for 'non-standard' models in complex systems with special reference to finance and teletraffic. The project is concerned with 'non-standard' models needed to deal with complex systems, such as those exhibiting scaling and fractal properties. There is a focus on methods for dealing with heavy tailed distributions and long range dependent observations, for which most standard statistical methods break down, and on applications in finance and telecommunicati ....Problems of identification and inference for 'non-standard' models in complex systems with special reference to finance and teletraffic. The project is concerned with 'non-standard' models needed to deal with complex systems, such as those exhibiting scaling and fractal properties. There is a focus on methods for dealing with heavy tailed distributions and long range dependent observations, for which most standard statistical methods break down, and on applications in finance and telecommunications. An important part of the project concerns model validation for Heyde's fractal activity time geometric Brownian motion model, a candidate minimal description risky asset model to replace the geometric Brownian motion paradigm.Read moreRead less
Decomposition and Duality: New Approaches to Integer and Stochastic Integer Programming. Because of their rich modelling capabilities, integer programs are widely used in industry for decision making and planning. However their solution algorithms do not have the maturity of their cousins in convex optimisation, where the theory of strong duality is ubiquitous. Efficient methods for convex optimisation under uncertainty do not apply to the integer case, which is highly non-convex. Furthermore, i ....Decomposition and Duality: New Approaches to Integer and Stochastic Integer Programming. Because of their rich modelling capabilities, integer programs are widely used in industry for decision making and planning. However their solution algorithms do not have the maturity of their cousins in convex optimisation, where the theory of strong duality is ubiquitous. Efficient methods for convex optimisation under uncertainty do not apply to the integer case, which is highly non-convex. Furthermore, integer models usually assume the data is known with certainty, which is often not the case in the real world. This project will develop new theory and algorithms to enhance the analysis of integer models, including those that incorporating uncertainty, while also enabling the use of parallel computing paradigms. Read moreRead less
Effective computational methods for nonlinear cone optimisation with industrial applications. This project brings together a number of national and international researchers whose combined expertise will focus on solving optimisation problems arising in a range of industries. The work will result in new cutting edge optimisation technology that can benefit industry and the community.
Applying search theory for eradicating invasive species. Invasive species have major economic and environmental impacts in Australia and are a major cause of extinctions worldwide. Monitoring is crucial for the timely control of invasive species in sensitive environments. Early detection increases the probability of eradication and increased accuracy in detection reduces the impact of control programs on non-target species. Efficient monitoring also is crucial in determining whether eradication ....Applying search theory for eradicating invasive species. Invasive species have major economic and environmental impacts in Australia and are a major cause of extinctions worldwide. Monitoring is crucial for the timely control of invasive species in sensitive environments. Early detection increases the probability of eradication and increased accuracy in detection reduces the impact of control programs on non-target species. Efficient monitoring also is crucial in determining whether eradication has succeeded. Search Theory has been applied for over 60 years in a wide range of non-biological monitoring problems, resulting in large increases in target detection rates. Gains of a similar magnitude in invasive species detection would greatly enhance Australia's capacity to manage these threats.Read moreRead less