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Dynamically optimized replacement with a Markovian renewal process

Published online by Cambridge University Press:  14 July 2016

Johannes Siedersleben*
Affiliation:
Universität Karlsruhe
*
Postal address: Institut für Wirtschaftstheorie und Operations Research der Universität Karlsruhe, Kaiserstraße 12, Kollegium am Schloss, Bau IV, 7500 Karlsruhe 1, W. Germany.

Abstract

We consider a system that gradually deteriorates. At random times Tn the system is inspected and may or may not be replaced, but it must be if its state is too bad. The process of deterioration is described by a Markovian renewal process. Under some monotonicity conditions we derive a policy for the finite and the infinite horizon which minimizes the total discounted costs. This paper is a generalization of a result of Feldman (1977).

Type
Research Papers
Copyright
Copyright © Applied Probability Trust 

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