The Lorenz transform approach to the optimal repair-cost limit replacement policy with imperfect repair

The Lorenz transform approach to the optimal repair-cost limit replacement policy with imperfect repair

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Article ID: iaor20052999
Country: France
Volume: 35
Issue: 1
Start Page Number: 21
End Page Number: 36
Publication Date: Jan 2001
Journal: RAIRO Operations Research
Authors: , , ,
Abstract:

In this paper, we consider a repair-cost limit replacement problem with imperfect repair and develop a graphical method to determine the optimal repair-cost limit which minimizes the expected cost per unit time in the steady-state, using the Lorenz transform of the underlying repair-cost distribution function. The method proposed can be applied to an estimation problem of the optimal repair-cost limit from empirical repair-cost data. Numerical examples are devoted to examine asymptotic properties of the non-parametric estimator for the optimal repair-cost limit.

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