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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Persistent link: https://EconPapers.repec.org/RePEc:wly:navlog:v:7:y:1960:i:4:p:597-607
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