A replacement model with general age-dependent failure rates
type: Item
instance of: scholarly article
title: A replacement model with general age-dependent failure rates
zbMATH Open document ID: 0892.60052
DOI: 10.1016/S0378-3758(97)83639-7
author: Frans Boshuizen
published in: Journal of Statistical Planning and Inference
publication date: 1998-07-20T00:00:00Z
review text: Models for a repairable system [cf. \textit{W. Stadje} and \textit{D. Zuckerman}, Adv. Appl. Probab. 22, No. 3, 641-656 (1990; Zbl 0704.60085)] are studied using techniques from the theories of dynamic programming, optimal stopping, point processes, and Markov processes. Both the operating and repair times are time-dependent random variables, and optimal replacement rules are found for the finite horizon case with and without discounting, with corollaries that it is never optimal to replace in the middle of a repair period for repair-time distributions which are NBUE (new better than used in expectation). General monotonicity properties of the value functions are derived, and the optimal replacement times for the infinite horizon case are obtained from the finite horizon case by taking limits.
Mathematics Subject Classification ID: 60G40
Mathematics Subject Classification ID: 60J75
zbMATH DE Number: 1040414
zbMATH Keywords: stopping times
zbMATH Keywords: repairable systems
zbMATH Keywords: optimal replacement rules
zbMATH Keywords: continuous-time Markov process
zbMATH Keywords: dynamic programming
zbMATH Keywords: optimal stopping
reviewed by: Theodore P. Hill
MaRDI profile type: Publication
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full work available at URL: s0378-3758(97)83639-7
OpenAlex ID: W2089058173
description: scientific article; zbMATH DE number 1040414