Service contracts: A stochastic model |
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Institution: | Department of Mechanical Engineering The University of Queensland Brisbane, Australia, Q 4072 |
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Abstract: | There is a growing trend to outsource maintenance where equipment failures are rectified by an external agent under a service contract. The agent's profit is influenced by many factors—the terms of the contract, equipment reliability, and the number of customers being serviced. The paper develops a stochastic model to study the impact of these on the agent's expected profit and the agent's optimal strategies using a game theoretic formulation. |
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