A note on the costly surveillance of a stochastic system

S. S. Chitgopekar

Naval Research Logistics Quarterly, 1974, vol. 21, issue 2, 365-371

Abstract: We consider the costly surveillance of a stochastic system with a finite state space and a finite number of actions in each state. There is a positive cost of observing the system and the system earns at a rate depending on the state of the system and the action taken. A policy for controlling such a system specifies the action to be taken and the time to the next observation, both possibly random and depending on the past history of the system. A form of the long range average income is the criterion for comparing different policies. If RΔ denotes the class of policies for which the times between successive observations of the system are random variables with cumulative distribution functions on [0, Δ], Δ

Date: 1974
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https://doi.org/10.1002/nav.3800210216

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Persistent link: https://EconPapers.repec.org/RePEc:wly:navlog:v:21:y:1974:i:2:p:365-371

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