Advances in Bayesian decision making in reliability

David Rios Insua, Fabrizio Ruggeri, Refik Soyer and Simon Wilson

European Journal of Operational Research, 2020, vol. 282, issue 1, 1-18

Abstract: Starting in the late 80s Bayesian methods have gained increasing attention in the reliability literature. The focus of most of the earlier Bayesian work in reliability involved statistical inference and thus the main emphasis was on modeling and analysis. Advances in Bayesian computing after the 90’s have significantly contributed not only to the use of Bayesian inference and prediction but also to the implementation of Bayesian decision-theoretic approaches in reliability problems. In this review we present an overview of Bayesian methods to solve decision problems in reliability some of which involve two or more decision makers with conflicting objectives. We consider problems in areas such as design, life testing, preventive maintenance, reliability certification, or warranty policies. In doing so, we present key aspects of the decision problems, give a brief review of earlier methods and finally discuss recent advances in Bayesian approaches to solve them.

Keywords: Reliability; Optimal replacement; Design of life tests; Warranties; Adversarial risk analysis (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0377221719302577
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:282:y:2020:i:1:p:1-18

DOI: 10.1016/j.ejor.2019.03.018

Access Statistics for this article

European Journal of Operational Research is currently edited by Roman Slowinski, Jesus Artalejo, Jean-Charles. Billaut, Robert Dyson and Lorenzo Peccati

More articles in European Journal of Operational Research from Elsevier
Bibliographic data for series maintained by Catherine Liu ().