A risk-cost minimization model for catastrophe averse shipment of hazardous materials

This article provides a quantitative method for estimating mixed routing strategies for catastrophe averse shipment of hazardous materials (hazmats), taking into account of both transportation cost and risk. The mixed routing problem is first formulate as a maximin problem and then is reduced to a single-level convex programming problem (CP). This CP reduction enables us to develop an efficient solution algorithm applicable to real-world large-scale networks.