A unified treatment of single component replacement models

Hans Frenk, Rommert Dekker and Marcel Kleijn

No EI 9602-/A, Econometric Institute Research Papers from Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute

Abstract: In this paper we discuss a general framework for single component replacement models. This framework is based on the regenerative structure of these models and by using results from renewal theory a unified presentation of the discounted and average finite and infinite horizon cost models is given. Moreover, we present sufficient conditions for the numerator of the cost function to have a vanishing singular part. Finally, some well-known replacement models are discussed, and making use of the previous results an easy derivation of their cost functions is presented.

Keywords: Lebesgue integration; intensity cost function; maintenance; renewal theory (search for similar items in EconPapers)
Date: 1996-01-01
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Journal Article: A unified treatment of single component replacement models (1997)
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