Note--On "A Renewal Decision Problem"

Donald R. Smith
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Donald R. Smith: Columbia University

Management Science, 1978, vol. 24, issue 5, 562-563

Abstract: In this issue of the journal, Derman, Lieberman and Ross treat a replacement problem where several types (grades) of components are available. They conjecture than any component type that is more expensive to both purchase and to run than some other component type will never be used in an optimal replacement policy. We prove a theorem that, together with their results, proves this conjecture.

Date: 1978
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:24:y:1978:i:5:p:562-563

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