Termination policies for a two‐state stochastic process

Gary Handler

Naval Research Logistics Quarterly, 1972, vol. 19, issue 2, 281-292

Abstract: The purpose of this paper is to investigate and optimize policies which can be used to terminate a two‐state stochastic process with a random lifetime. Such a policy consists of a schedule of times at which termination attempts should be made. Conditions are given which reduce the difficulty of finding the optimal policy by eliminating constraints and some boundary points from consideration. Finally, a bound for the optimal policy is derived for a case where some restrictions are imposed on the model.

Date: 1972
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Persistent link: https://EconPapers.repec.org/RePEc:wly:navlog:v:19:y:1972:i:2:p:281-292

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