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Media type:
E-Article
Title:
Dynamically Optimized Replacement with a Markovian Renewal Process
Contributor:
Siedersleben, Johannes
imprint:
Applied Probability Trust, 1981
Published in:Journal of Applied Probability
Language:
English
ISSN:
0021-9002
Origination:
Footnote:
Description:
<p>We consider a system that gradually deteriorates. At random times T<sub>n</sub>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).</p>