Generalized Mathematical Programming for Optimal Replacement in a Semi-Markov Shock Model

Norihiro Mizuno
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Norihiro Mizuno: New York University, New York, New York

Operations Research, 1986, vol. 34, issue 5, 790-795

Abstract: We analyze a semi-Markovian decision process for optimal replacement of a device in a shock model, using a generalized mathematical programming approach. By means of a simple proof, we obtain a weak sufficient condition for the existence of an optimal control-limit replacement policy. We also present a convergent algorithm to find an optimal replacement policy.

Keywords: 118 shock models; 730 optimal control policy (search for similar items in EconPapers)
Date: 1986
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