Infinite horizon optimality criteria for equipment replacement under technological change.
Irwin E. SchochetmanRobert L. SmithPublished in: Oper. Res. Lett. (2007)
Keyphrases
- infinite horizon
- optimality criteria
- technological change
- rapidly changing
- information technology
- long run
- optimal control
- optimal policy
- finite horizon
- dynamic programming
- production planning
- single item
- markov decision processes
- stochastic demand
- state space
- partially observable
- average cost
- dec pomdps
- holding cost
- lost sales
- machine learning
- fixed cost
- maintenance cost
- markov decision process
- lead time