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Integral equation of optimal replacement: Analysis and algorithms |
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| Authors: | Natali Hritonenko Yuri Yatsenko |
| Affiliation: | 1. Department of Mathematics, Prairie View A&M University, Prairie View, TX 77446, USA;2. College of Business and Economics, Houston Baptist University, Houston, TX 77074, USA, and Center for Operations Research and Econometrics, Université Catholique de Louvain, B-1348 Louvain-la-Neuve, Belgium |
| Abstract: | The paper is devoted to theoretic and numeric investigation of a nonlinear integral equation with an unknown function in the upper limit of integration. This equation appears in optimal replacement problems of engineering and production economics. Its solution is essential for finding the optimal policy of equipment replacement under technological advances. Solvability and qualitative dynamics of the solution are analyzed. Computational algorithm for solving the equation is constructed. A numeric example illustrates the obtained results. |
| Keywords: | Nonlinear optimization Integral equations State-dependent delay Optimal equipment lifetime Vintage capital models |
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