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- W2024991294 abstract "An optimal repair/replacement problem for a single-unit repairable system with minimal repair and random repair cost is considered. The existence of the optimal policy is established using results of the optimal stopping theory, and it is shown that the optimal policy is a ‘repair-cost-limit’ policy, that is, there is a series of repair-cost-limit functions g n ( t ), n = 1, 2,…, such that a unit of age t is replaced at the n th failure if and only if the repair cost C ( n , t ) ≥ g n ( t ); otherwise it is minimally repaired. If the repair cost does not depend on n , then there is a single repair cost limit function g ( t ), which is uniquely determined by a first-order differential equation with a boundary condition." @default.
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- W2024991294 date "1998-12-01" @default.
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- W2024991294 title "On the optimality of repair-cost-limit policies" @default.
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- W2024991294 doi "https://doi.org/10.1239/jap/1032438389" @default.
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