Displaying similar documents to “An approximate economically optimal inspection interval for production processes with finite run length”

A consumption-investment problem modelled as a discounted Markov decision process

Hugo Cruz-Suárez, Raúl Montes-de-Oca, Gabriel Zacarías (2011)

Kybernetika

Similarity:

In this paper a problem of consumption and investment is presented as a model of a discounted Markov decision process with discrete-time. In this problem, it is assumed that the wealth is affected by a production function. This assumption gives the investor a chance to increase his wealth before the investment. For the solution of the problem there is established a suitable version of the Euler Equation (EE) which characterizes its optimal policy completely, that is, there are provided...

Average cost Markov control processes with weighted norms: value iteration

Evgueni Gordienko, Onésimo Hernández-Lerma (1995)

Applicationes Mathematicae

Similarity:

This paper shows the convergence of the value iteration (or successive approximations) algorithm for average cost (AC) Markov control processes on Borel spaces, with possibly unbounded cost, under appropriate hypotheses on weighted norms for the cost function and the transition law. It is also shown that the aforementioned convergence implies strong forms of AC-optimality and the existence of forecast horizons.

Efficient algorithm to solve optimal boundary control problem for Burgers' equation

Alaeddin Malek, Roghayeh Ebrahim Nataj, Mohamad Javad Yazdanpanah (2012)

Kybernetika

Similarity:

In this paper, we propose a novel algorithm for solving an optimal boundary control problem of the Burgers' equation. The solving method is based on the transformation of the original problem into a homogeneous boundary conditions problem. This transforms the original problem into an optimal distributed control problem. The modal expansion technique is applied to the distributed control problem of the Burgers' equation to generate a low-dimensional dynamical system. The control parametrization...