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Replacement of periodically inspected equipment. (An optimal optional stopping rule)

C. Derman and J. Sacks

Naval Research Logistics Quarterly, 1960, vol. 7, issue 4, 597-607

Abstract: The problem of choosing an optimal replacement rule is considered for deteriorating equipment where the amount of deterioration is observed periodically. A “near” optimal rule is obtained. The main tool is an optimal stopping lemma related to semimartingales.

Date: 1960
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https://doi.org/10.1002/nav.3800070429

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