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scientific article; zbMATH DE number 1420956
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scientific article; zbMATH DE number 1420956 |
Statements
22 March 2000
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stochastic convexity
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submodularity
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optimality of threshold policies
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Markov decision programming
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inspection
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repair costs
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penalty cost
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defective units
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0.8043457269668579
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0.7758398652076721
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0.7456768751144409
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0.7456766963005066
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The authors illustrate the effectiveness of stochastic convexity and submodularity in establising the optimality of threshold policies in Markov decision programming. In particular, they design a dynamic procedure to inspect a batch of \(N\) units. As the inspection evolves, they update the posterior distribution of the unknown parameter and make a decision as to whether or not to stop the inspection. The objective is to minimize the overall costs including inspection and repair costs and the penalty cost for any defective units left in the batch. For the entire collection see [Zbl 0930.00095].
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