A stochastic machine maintenance and sale problem: Results with different production functions

Mark G. Tang

Naval Research Logistics (NRL), 1993, vol. 40, issue 5, 677-696

Abstract: In this article we solve and analyze a stochastic version of the Boiteux problem by employing the stochastic optimal control method. Our setup is close to that of Thompson [22]. Our focus is to analyze, under the same structure, how different production functions and how the variance in machine deterioration/maintenance affect our optimal machine maintenance and sale date decisions. © 1993 John Wiley & Sons, Inc.

Date: 1993
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https://doi.org/10.1002/1520-6750(199308)40:53.0.CO;2-3

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Persistent link: https://EconPapers.repec.org/RePEc:wly:navres:v:40:y:1993:i:5:p:677-696

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