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Optimization under the PMλ,τ policy of a finite dam with both continuous and jumpwise inputs
Published online by Cambridge University Press: 14 July 2016
Abstract
We consider a finite dam under the policy, where the input of water is formed by a Wiener process subject to random jumps arriving according to a Poisson process. The long-run average cost per unit time is obtained after assigning costs to the changes of release rate, a reward to each unit of output, and a penalty that is a function of the level of water in the reservoir.
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- © Applied Probability Trust 2005