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A Stochastic Constrained Optimal Replacement Model: The Case of Ship Replacement

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  • Peter J. Kalman

    (Stale University of New York, Stony Brook, New York)

Abstract

This paper formulates a stochastically constrained equipment replacement model. Its aim is to determine a sequence of replacement dates such that the total “current account” cost of all future costs and capital expenditures over an infinite time horizon for the n initial incumbent machines is minimized subject to the constraints that, at each point in time, the expected number of machines in each of several “utility classes” has a prescribed value. The theoretical model is then solved under a set of simplifying assumptions and applied to the problem of ship replacement.

Suggested Citation

  • Peter J. Kalman, 1972. "A Stochastic Constrained Optimal Replacement Model: The Case of Ship Replacement," Operations Research, INFORMS, vol. 20(2), pages 327-334, April.
    • Handle: RePEc:inm:oropre:v:20:y:1972:i:2:p:327-334
    DOI: 10.1287/opre.20.2.327
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    Cited by:

    1. C Eastman & A Penz, 1974. "Decision Making in Adaptive Environments," Environment and Planning A, , vol. 6(2), pages 131-148, April.

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