Optimal replacement policy with stochastic maintenance and operation costs

DOI10.1016/0377-2217(90)90317-5zbMath0689.90040OpenAlexW2037348325MaRDI QIDQ582201

Meng-Hua Ye

Publication date: 1990

Published in: European Journal of Operational Research (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/0377-2217(90)90317-5

zbMATH Keywords

Wiener processoptimal stoppingstochastic processmaintenanceequipment replacementexpected total discounted cost

Mathematics Subject Classification ID

Reliability, availability, maintenance, inspection in operations research (90B25) Stopping times; optimal stopping problems; gambling theory (60G40)

Related Items (9)

Analysis of the asset replacement level with an uncertain salvage value: a two-factor model ⋮ Availability maximization under partial observations ⋮ Asset retirement with infinitely repeated alternative replacements: harvest age and species choice in forestry ⋮ Repeated real options: optimal investment behaviour and a good rule of thumb ⋮ Replacement decisions with multiple stochastic values and depreciation ⋮ Operational asset replacement strategy: a real options approach ⋮ Conditional investment policy under uncertainty and irreversibility ⋮ The effect of tax depreciation on the stochastic replacement policy ⋮ Specifying measurement errors for required lifetime estimation performance

Cites Work

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• Repeated stochastic tree problems
• Optimal Stopping of the Integral of a Wiener Process
• Optimal Replacement Rules when Changes of State are Semi-Markovian
• The Optimum Repair Limit Replacement Policies
• Towards an Economic Theory of Replacement Investment
• The Decision to Repair or Scrap a Machine
• Minimum Cost Replacement Under Markovian Deterioration

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