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A stochastic constrained optimal replacement model

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  • Peter J. Kalman

Abstract

In this paper a stochastically constrained replacement model is formulated. This model determines 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 an expected number of machines are in a chosen utility class at any point in time. We then indicate one possible solution method for the model.

Suggested Citation

  • Peter J. Kalman, 1970. "A stochastic constrained optimal replacement model," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 17(4), pages 547-553, December.
    • Handle: RePEc:wly:navlog:v:17:y:1970:i:4:p:547-553
    DOI: 10.1002/nav.3800170412
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