Inspection Procedures for Markov Chains

Harold Sackrowitz and Ester Samuel-Cahn
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Harold Sackrowitz: Rutgers University
Ester Samuel-Cahn: Hebrew University

Management Science, 1974, vol. 21, issue 3, 261-270

Abstract: Consider a production process where the categories of successive units form a Markov chain with known transition matrix. Whenever a unit is produced, we may, at a fixed cost, inspect it. If its value is less than maximal, we may replace it with a perfect (maximal value) unit. We obtain optimal inspection procedures (procedures for which the value of the outgoing units is high and which keep the cost of inspection down).

Date: 1974
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:21:y:1974:i:3:p:261-270

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