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Interactions Between Ageing and Risk Properties in the Analysis of Burn-in Problems

Author

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  • Rachele Foschi

    (Economics and Institutional Change Research Area, IMT Institute for Advanced Studies, 55100 Lucca, Italy)

  • Fabio Spizzichino

    (Dipartimento di Matematica, Università degli Studi di Roma La Sapienza, 00185 Roma, Italy)

Abstract

Several relevant problems in reliability can be looked at as problems of risk management and of decisions in the face of uncertainty. However, in this frame, the so-called burn-in problem can be seen as a problem of risk taking par excellence . In this paper, we in particular point out some aspects concerning interactions between the probabilistic model for lifetimes and considerations of an economic kind. As one of the features of our work, we hinge on some unexplored connections between ageing properties of a one-dimensional survival function Ḡ and risk-aversion-type properties of the function u ( t ) = bG ( t ), b > 0, when the latter is seen as a utility function.

Suggested Citation

  • Rachele Foschi & Fabio Spizzichino, 2012. "Interactions Between Ageing and Risk Properties in the Analysis of Burn-in Problems," Decision Analysis, INFORMS, vol. 9(2), pages 103-118, June.
    • Handle: RePEc:inm:ordeca:v:9:y:2012:i:2:p:103-118
    DOI: 10.1287/deca.1120.0236
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    References listed on IDEAS

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    1. Ali E. Abbas & Ronald A. Howard, 2005. "Attribute Dominance Utility," Decision Analysis, INFORMS, vol. 2(4), pages 185-206, December.
    2. Robert Bordley & Marco LiCalzi, 2000. "Decision analysis using targets instead of utility functions," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 23(1), pages 53-74.
    3. Mark Bebbington & Chin-Diew Lai & Ričardas Zitikis, 2007. "Optimum Burn-in Time for a Bathtub Shaped Failure Distribution," Methodology and Computing in Applied Probability, Springer, vol. 9(1), pages 1-20, March.
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    Cited by:

    1. Jason R. W. Merrick & Fabrizio Ruggeri & Refik Soyer & L. Robin Keller, 2012. "From the Editors---Games and Decisions in Reliability and Risk," Decision Analysis, INFORMS, vol. 9(2), pages 81-85, June.
    2. Nappo Giovanna & Spizzichino Fabio, 2020. "Relations between ageing and dependence for exchangeable lifetimes with an extension for the IFRA/DFRA property," Dependence Modeling, De Gruyter, vol. 8(1), pages 1-33, January.
    3. Nappo Giovanna & Spizzichino Fabio, 2020. "Relations between ageing and dependence for exchangeable lifetimes with an extension for the IFRA/DFRA property," Dependence Modeling, De Gruyter, vol. 8(1), pages 1-33, January.
    4. Rakesh K. Sarin & L. Robin Keller, 2013. "From the Editors ---Group Decisions, Preference Elicitation, Experienced Utility, Survival Probabilities, and Portfolio Value of Information," Decision Analysis, INFORMS, vol. 10(2), pages 99-102, June.
    5. Rachele Foschi, 2017. "Optimal trial duration times for multiple change points products lifetime distributions," Computational Management Science, Springer, vol. 14(3), pages 423-441, July.

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