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| Tekijä: | Kristensen, A. R. |
| Otsikko: | Hierarchic Markov processes and their applications in replacement models. |
| Lehti: | European Journal of Operational Research
1988 : MAY, VOL. 35:2, p. 207-215 |
| Asiasana: | MARKOV CHAINS AGRICULTURE MANAGEMENT STOCHASTIC PROCESSES |
| Kieli: | eng |
| Tiivistelmä: | A new notion of hierarchic Markov process is introduced. It is a series of Markov decision processes called sub-processes built together in one Markov decision process called the main process. The hierarchic structure is specially designed to fit replacement models which in the traditional formulation as ordinary Markov decision processes are usually very large. The basic theory of hierarchic Markov processes is described and examples are given of applications in replacement models. The theory can be extended to fit a situation where the replacement decision depends on the quality of the new asset available for replacement. |
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