\(\epsilon\)-forced adaptive policy in age replacement (Q1085045): Difference between revisions

We consider the problem of minimizing the long-run average cost per unit time in age replacement with an unknown failure distribution. Utilizing the idea of \(\epsilon\)-forced choices, which may be thought of as a modification of forced circles given by \textit{B. L. Fox} and \textit{J. E. Rolph} [Ann. of Statist. 1, 334-341 (1973; Zbl 0259.90056)], we construct the adaptive policy which has a non-parametrically good property and is Bayes against a Dirichlet process prior.