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- W2007336511 abstract "This paper is concerned with a repair vs. replacement problem for a system observed in continuous time and subject to random failure. When the system fails, a decision is taken, based on the observed values of the (random) repair cost and the system's age, to either perform a minimal repair or to replace the system by a new one. At any time, the system may also be replaced preventively, and the aim of the decision maker is to minimize the total expected discounted cost. A dynamic programming approach is proposed to solve this problem. Sufficient conditions under which a repair-limit rule is optimal are given. An efficient algorithm is devised for the computation of such an optimal policy, and a numerical illustration is worked out." @default.
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- W2007336511 date "2007-10-29" @default.
- W2007336511 modified "2023-10-15" @default.
- W2007336511 title "The Repair VS. Replacement problem: A stochastic control approach" @default.
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- W2007336511 doi "https://doi.org/10.1002/oca.4660080304" @default.
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