We consider a single non-Markovian failure prone machine which delivers a single product. The operating policy of the machine is chosen to be of the hedging point type. In the infinite horizon limit, we calculate the position of the hedging point that minimizes a convex cost function.
Colin Neil Jones, Tomasz Tadeusz Gorecki, Altug Bitlislioglu
Colin Neil Jones, Tomasz Tadeusz Gorecki, Georgios Stathopoulos, Altug Bitlislioglu