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Replacement of periodically inspected equipment. (An optimal optional stopping rule)

Author

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  • C. Derman
  • J. Sacks

Abstract

The problem of choosing an optimal replacement rule is considered for deteriorating equipment where the amount of deterioration is observed periodically. A “near” optimal rule is obtained. The main tool is an optimal stopping lemma related to semimartingales.

Suggested Citation

  • C. Derman & J. Sacks, 1960. "Replacement of periodically inspected equipment. (An optimal optional stopping rule)," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 7(4), pages 597-607, December.
    • Handle: RePEc:wly:navlog:v:7:y:1960:i:4:p:597-607
    DOI: 10.1002/nav.3800070429
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    Cited by:

    1. Yeek-Hyun Kim & Lyn Thomas, 2013. "Training and repair policies for stand-by systems," Annals of Operations Research, Springer, vol. 208(1), pages 469-487, September.
    2. Laura J. Kornish & Steven A. Lippman & John W. Mamer, 2011. "Search and the introduction of improved technologies," Naval Research Logistics (NRL), John Wiley & Sons, vol. 58(6), pages 578-594, September.
    3. Michael Katehakis & Ingram Olkin & Sheldon Ross & Jian Yang, 2013. "On the life and work of Cyrus Derman," Annals of Operations Research, Springer, vol. 208(1), pages 5-26, September.
    4. Rebecca Dizon-Ross & Sheldon M. Ross, 2020. "Dynamic search models with multiple items," Annals of Operations Research, Springer, vol. 288(1), pages 223-245, May.
    5. Miehling, Erik & Teneketzis, Demosthenis, 2020. "Monotonicity properties for two-action partially observable Markov decision processes on partially ordered spaces," European Journal of Operational Research, Elsevier, vol. 282(3), pages 936-944.
    6. P Coolen-Schrijner & F. P. A. Coolen, 2006. "On Optimality Criteria for Age Replacement," Journal of Risk and Reliability, , vol. 220(1), pages 21-29, June.
    7. Jiang, R., 2018. "Performance evaluation of seven optimization models of age replacement policy," Reliability Engineering and System Safety, Elsevier, vol. 180(C), pages 302-311.

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