A stochastic constrained optimal replacement model

Peter J. Kalman

Naval Research Logistics Quarterly, 1970, vol. 17, issue 4, 547-553

Abstract: In this paper a stochastically constrained replacement model is formulated. This model determines a sequence of replacement dates such that the total “current account” cost of all future costs and capital expenditures over an infinite time horizon for the n initial incumbent machines is minimized subject to the constraints that an expected number of machines are in a chosen utility class at any point in time. We then indicate one possible solution method for the model.

Date: 1970
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Persistent link: https://EconPapers.repec.org/RePEc:wly:navlog:v:17:y:1970:i:4:p:547-553

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