Goodeve Medal


This award was named in memory of Sir Charles Goodeve, pictured right, who was one of the founders and pioneers of civilian operational research after World War 2 and a leader for many years of the OR Club and The OR Society.

The Goodeve Medal is awarded in recognition of the most outstanding contribution to the philosophy, theory or practice of OR published in the Journal of the OR Society (JORS) within the relevant year.

Sir Charles Goodeve

Citation for Goodeve Medal 2020

Esra Adiyeke, Semra Agrali and Ethem Canakoglu

Risk Averse Investment Strategies for a Private Electricity Generating Company in a Carbon Constrained Environment 

Journal of the Operational Research Society, 70 (12), 2056-2068

www.tandfonline.com/10.1080/01605682.2018.1535265

This year’s Goodeve medal is awarded to Esra Adiyeke, Semra Agrali and Ethem Canakoglu, who are based in Turkey. 

We chose this paper because it is well and clearly written, and it deals with a global and fundamentally important topic, the carbon-and-climate issue. The study looks at a private electricity generating company that plans to enter a partially regulated market that operates under an active cap and trade system. There are different types of thermal and renewable power plants that the company considers to invest in over a predetermined planning horizon. The paper develops a time-consistent multi-stage stochastic optimization model for this investment problem, where the objective is to minimize the conditional value at risk ([email protected]) of the net present value of the profit obtained through the planning horizon. The results of a simple case-study show that the developed model is appropriate for determining risk averse investment strategies for a company that operates under carbon restricted market conditions.

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