October  2005, 1(4): 415-432. doi: 10.3934/jimo.2005.1.415

Optimization of the lifetime of capital equipment using integral models


College of Business and Economics, Houston Baptist University, 7502 Fondren Road, Houston, TX 77074-3298, United States


Department of Mathematics, Prairie View A{\&}M University, P.O. Box 4189, Prairie View, TX 77446-4189, United States

Received  February 2005 Revised  September 2005 Published  October 2005

In Operations Research, the equipment replacement process is usually modeled as a discrete sequential decision problem. The alternative approach is developed in vintage capital models, which explicitly involve the lifetime of capital equipment and are described by the integral equations of a special type. The paper exposes a general investigation framework for the optimal control of the integral models with endogenous lags, which is applied to meaningful one- and two-sector vintage models. The analysis leads to nontrivial results such as turnpike properties of the optimal equipment lifetime and corresponding management strategies of equipment replacement.
Citation: Yuri Yatsenko, Natali Hritonenko. Optimization of the lifetime of capital equipment using integral models. Journal of Industrial & Management Optimization, 2005, 1 (4) : 415-432. doi: 10.3934/jimo.2005.1.415

Jon Aaronson, Dalia Terhesiu. Local limit theorems for suspended semiflows. Discrete & Continuous Dynamical Systems - A, 2020, 40 (12) : 6575-6609. doi: 10.3934/dcds.2020294


Chaoqian Li, Yajun Liu, Yaotang Li. Note on $ Z $-eigenvalue inclusion theorems for tensors. Journal of Industrial & Management Optimization, 2021, 17 (2) : 687-693. doi: 10.3934/jimo.2019129


Eduardo Casas, Christian Clason, Arnd Rösch. Preface special issue on system modeling and optimization. Mathematical Control & Related Fields, 2021  doi: 10.3934/mcrf.2021008


Ardeshir Ahmadi, Hamed Davari-Ardakani. A multistage stochastic programming framework for cardinality constrained portfolio optimization. Numerical Algebra, Control & Optimization, 2017, 7 (3) : 359-377. doi: 10.3934/naco.2017023


Luke Finlay, Vladimir Gaitsgory, Ivan Lebedev. Linear programming solutions of periodic optimization problems: approximation of the optimal control. Journal of Industrial & Management Optimization, 2007, 3 (2) : 399-413. doi: 10.3934/jimo.2007.3.399


Hong Seng Sim, Wah June Leong, Chuei Yee Chen, Siti Nur Iqmal Ibrahim. Multi-step spectral gradient methods with modified weak secant relation for large scale unconstrained optimization. Numerical Algebra, Control & Optimization, 2018, 8 (3) : 377-387. doi: 10.3934/naco.2018024


Abdulrazzaq T. Abed, Azzam S. Y. Aladool. Applying particle swarm optimization based on Padé approximant to solve ordinary differential equation. Numerical Algebra, Control & Optimization, 2021  doi: 10.3934/naco.2021008


Mohsen Abdolhosseinzadeh, Mir Mohammad Alipour. Design of experiment for tuning parameters of an ant colony optimization method for the constrained shortest Hamiltonian path problem in the grid networks. Numerical Algebra, Control & Optimization, 2021, 11 (2) : 321-332. doi: 10.3934/naco.2020028


Reza Lotfi, Yahia Zare Mehrjerdi, Mir Saman Pishvaee, Ahmad Sadeghieh, Gerhard-Wilhelm Weber. A robust optimization model for sustainable and resilient closed-loop supply chain network design considering conditional value at risk. Numerical Algebra, Control & Optimization, 2021, 11 (2) : 221-253. doi: 10.3934/naco.2020023

2019 Impact Factor: 1.366


  • PDF downloads (53)
  • HTML views (0)
  • Cited by (18)

Other articles
by authors

[Back to Top]