Accession Number:

AD0606301

Title:

A GENERALIZED EQUIPMENT REPLACEMENT STUDY,

Descriptive Note:

Corporate Author:

RAND CORP SANTA MONICA CALIF

Personal Author(s):

Report Date:

1957-03-15

Pagination or Media Count:

3.0

Abstract:

The functional equation technique of dynamic programming is useful in determining the optimal age of replacement of durable machinery. The paper reviews Bellmans analytic solution of a simplified model, presents a computation scheme applicable to more realistic models, and discusses various dynamic programming formulations applicable in the field of equipment replacement. Author

Subject Categories:

Distribution Statement:

APPROVED FOR PUBLIC RELEASE