Acquisition of new technology information for maintenance and replacement policies
In this paper, we propose the first model that considers the option to acquire information on the profitability of a new technology that is not yet available on the market for asset maintenance and replacement decisions. We consider the uncertainty of future asset characteristics by incorporating in...
Gespeichert in:
| Veröffentlicht in: | International journal of production research 2017-04, Vol.55 (8), p.2212-2231 |
|---|---|
| Hauptverfasser: | , , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 2231 |
|---|---|
| container_issue | 8 |
| container_start_page | 2212 |
| container_title | International journal of production research |
| container_volume | 55 |
| creator | Nguyen, Khanh T.P. Yeung, Thomas Castanier, Bruno |
| description | In this paper, we propose the first model that considers the option to acquire information on the profitability of a new technology that is not yet available on the market for asset maintenance and replacement decisions. We consider the uncertainty of future asset characteristics by incorporating information acquisition decisions into a non-stationary Markov decision process framework. Using this framework, we optimise asset maintenance and replacement decisions as well as the optimal timing of new technology adoption. Through mathematical analyses, the monotone properties and convexity of the value function and optimal policy are deduced. Deeper numerical analyses highlight the importance of considering the acquisition of information on future technology when formulating a maintenance and replacement policy for the asset. We also deduce a non-intuitive result: an increase in the arrival probability of new technology does not necessarily make the acquisition of additional information more attractive. |
| doi_str_mv | 10.1080/00207543.2016.1229069 |
| format | Article |
| fullrecord | <record><control><sourceid>proquest_hal_p</sourceid><recordid>TN_cdi_proquest_journals_1883564858</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>4321414813</sourcerecordid><originalsourceid>FETCH-LOGICAL-c483t-d670637a9f276f8e4f6085df0f60dad8cb9b26401b8806ff602e29afd7a73f4c3</originalsourceid><addsrcrecordid>eNp9kU1LJDEQhsOisKPuT1ho2Iseeqx8dDp9cxBdFwYEcWFvIZNO1kg6GZMeh_n3pndGD3uwLlVUPVVU1YvQdwxzDAIuAQi0DaNzApjPMSEd8O4LmmHKed0I8ecIzSamnqCv6CTnZyjWCDZDDwv9snHZjS6GKtoqmG01Gv0Uoo9_d5ULNqZB_auWqBqUC6MJKmhTqdBXyay90mYwYazW0TvtTD5Dx1b5bL4d_Cn6fXvzeH1XL-9__rpeLGvNBB3rnrfAaas6S1puhWGWg2h6C8X3qhd61a0IZ4BXQgC3JUsM6ZTtW9VSyzQ9RRf7uU_Ky3Vyg0o7GZWTd4ulnHKAGwKC0Vdc2PM9u07xZWPyKAeXtfFeBRM3WeIOGGEtY21Bf_yHPsdNCuUSiYWgDWeiEYVq9pROMedk7McGGOSkinxXRU6qyIMqpe9q33f47DYm38tR7XxMNpW_uizp5yPeAMqwkwM</addsrcrecordid><sourcetype>Open Access Repository</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>1883564858</pqid></control><display><type>article</type><title>Acquisition of new technology information for maintenance and replacement policies</title><source>EBSCOhost Business Source Complete</source><source>Taylor & Francis:Master (3349 titles)</source><creator>Nguyen, Khanh T.P. ; Yeung, Thomas ; Castanier, Bruno</creator><creatorcontrib>Nguyen, Khanh T.P. ; Yeung, Thomas ; Castanier, Bruno</creatorcontrib><description>In this paper, we propose the first model that considers the option to acquire information on the profitability of a new technology that is not yet available on the market for asset maintenance and replacement decisions. We consider the uncertainty of future asset characteristics by incorporating information acquisition decisions into a non-stationary Markov decision process framework. Using this framework, we optimise asset maintenance and replacement decisions as well as the optimal timing of new technology adoption. Through mathematical analyses, the monotone properties and convexity of the value function and optimal policy are deduced. Deeper numerical analyses highlight the importance of considering the acquisition of information on future technology when formulating a maintenance and replacement policy for the asset. We also deduce a non-intuitive result: an increase in the arrival probability of new technology does not necessarily make the acquisition of additional information more attractive.</description><identifier>ISSN: 0020-7543</identifier><identifier>EISSN: 1366-588X</identifier><identifier>DOI: 10.1080/00207543.2016.1229069</identifier><language>eng</language><publisher>London: Taylor & Francis</publisher><subject>Acquisitions & mergers ; Applications ; Computer Science ; Data processing ; Decisions ; Economic models ; information acquisition ; Maintenance ; Maintenance management ; Markov analysis ; Markov decision rules ; Markov modelling ; Mathematical analysis ; Modeling and Simulation ; New technology ; Optimization ; Policies ; Profitability ; replacement policies ; Statistics ; Technology adoption ; technology management</subject><ispartof>International journal of production research, 2017-04, Vol.55 (8), p.2212-2231</ispartof><rights>2016 Informa UK Limited, trading as Taylor & Francis Group 2016</rights><rights>2016 Informa UK Limited, trading as Taylor & Francis Group</rights><rights>Distributed under a Creative Commons Attribution 4.0 International License</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c483t-d670637a9f276f8e4f6085df0f60dad8cb9b26401b8806ff602e29afd7a73f4c3</citedby><cites>FETCH-LOGICAL-c483t-d670637a9f276f8e4f6085df0f60dad8cb9b26401b8806ff602e29afd7a73f4c3</cites><orcidid>0000-0002-3735-3331</orcidid></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.tandfonline.com/doi/pdf/10.1080/00207543.2016.1229069$$EPDF$$P50$$Ginformaworld$$H</linktopdf><linktohtml>$$Uhttps://www.tandfonline.com/doi/full/10.1080/00207543.2016.1229069$$EHTML$$P50$$Ginformaworld$$H</linktohtml><link.rule.ids>230,314,780,784,885,27924,27925,59647,60436</link.rule.ids><backlink>$$Uhttps://hal.science/hal-01520843$$DView record in HAL$$Hfree_for_read</backlink></links><search><creatorcontrib>Nguyen, Khanh T.P.</creatorcontrib><creatorcontrib>Yeung, Thomas</creatorcontrib><creatorcontrib>Castanier, Bruno</creatorcontrib><title>Acquisition of new technology information for maintenance and replacement policies</title><title>International journal of production research</title><description>In this paper, we propose the first model that considers the option to acquire information on the profitability of a new technology that is not yet available on the market for asset maintenance and replacement decisions. We consider the uncertainty of future asset characteristics by incorporating information acquisition decisions into a non-stationary Markov decision process framework. Using this framework, we optimise asset maintenance and replacement decisions as well as the optimal timing of new technology adoption. Through mathematical analyses, the monotone properties and convexity of the value function and optimal policy are deduced. Deeper numerical analyses highlight the importance of considering the acquisition of information on future technology when formulating a maintenance and replacement policy for the asset. We also deduce a non-intuitive result: an increase in the arrival probability of new technology does not necessarily make the acquisition of additional information more attractive.</description><subject>Acquisitions & mergers</subject><subject>Applications</subject><subject>Computer Science</subject><subject>Data processing</subject><subject>Decisions</subject><subject>Economic models</subject><subject>information acquisition</subject><subject>Maintenance</subject><subject>Maintenance management</subject><subject>Markov analysis</subject><subject>Markov decision rules</subject><subject>Markov modelling</subject><subject>Mathematical analysis</subject><subject>Modeling and Simulation</subject><subject>New technology</subject><subject>Optimization</subject><subject>Policies</subject><subject>Profitability</subject><subject>replacement policies</subject><subject>Statistics</subject><subject>Technology adoption</subject><subject>technology management</subject><issn>0020-7543</issn><issn>1366-588X</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2017</creationdate><recordtype>article</recordtype><recordid>eNp9kU1LJDEQhsOisKPuT1ho2Iseeqx8dDp9cxBdFwYEcWFvIZNO1kg6GZMeh_n3pndGD3uwLlVUPVVU1YvQdwxzDAIuAQi0DaNzApjPMSEd8O4LmmHKed0I8ecIzSamnqCv6CTnZyjWCDZDDwv9snHZjS6GKtoqmG01Gv0Uoo9_d5ULNqZB_auWqBqUC6MJKmhTqdBXyay90mYwYazW0TvtTD5Dx1b5bL4d_Cn6fXvzeH1XL-9__rpeLGvNBB3rnrfAaas6S1puhWGWg2h6C8X3qhd61a0IZ4BXQgC3JUsM6ZTtW9VSyzQ9RRf7uU_Ky3Vyg0o7GZWTd4ulnHKAGwKC0Vdc2PM9u07xZWPyKAeXtfFeBRM3WeIOGGEtY21Bf_yHPsdNCuUSiYWgDWeiEYVq9pROMedk7McGGOSkinxXRU6qyIMqpe9q33f47DYm38tR7XxMNpW_uizp5yPeAMqwkwM</recordid><startdate>20170418</startdate><enddate>20170418</enddate><creator>Nguyen, Khanh T.P.</creator><creator>Yeung, Thomas</creator><creator>Castanier, Bruno</creator><general>Taylor & Francis</general><general>Taylor & Francis LLC</general><scope>AAYXX</scope><scope>CITATION</scope><scope>7SC</scope><scope>8FD</scope><scope>F28</scope><scope>FR3</scope><scope>JQ2</scope><scope>L7M</scope><scope>L~C</scope><scope>L~D</scope><scope>1XC</scope><scope>VOOES</scope><orcidid>https://orcid.org/0000-0002-3735-3331</orcidid></search><sort><creationdate>20170418</creationdate><title>Acquisition of new technology information for maintenance and replacement policies</title><author>Nguyen, Khanh T.P. ; Yeung, Thomas ; Castanier, Bruno</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c483t-d670637a9f276f8e4f6085df0f60dad8cb9b26401b8806ff602e29afd7a73f4c3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2017</creationdate><topic>Acquisitions & mergers</topic><topic>Applications</topic><topic>Computer Science</topic><topic>Data processing</topic><topic>Decisions</topic><topic>Economic models</topic><topic>information acquisition</topic><topic>Maintenance</topic><topic>Maintenance management</topic><topic>Markov analysis</topic><topic>Markov decision rules</topic><topic>Markov modelling</topic><topic>Mathematical analysis</topic><topic>Modeling and Simulation</topic><topic>New technology</topic><topic>Optimization</topic><topic>Policies</topic><topic>Profitability</topic><topic>replacement policies</topic><topic>Statistics</topic><topic>Technology adoption</topic><topic>technology management</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Nguyen, Khanh T.P.</creatorcontrib><creatorcontrib>Yeung, Thomas</creatorcontrib><creatorcontrib>Castanier, Bruno</creatorcontrib><collection>CrossRef</collection><collection>Computer and Information Systems Abstracts</collection><collection>Technology Research Database</collection><collection>ANTE: Abstracts in New Technology & Engineering</collection><collection>Engineering Research Database</collection><collection>ProQuest Computer Science Collection</collection><collection>Advanced Technologies Database with Aerospace</collection><collection>Computer and Information Systems Abstracts Academic</collection><collection>Computer and Information Systems Abstracts Professional</collection><collection>Hyper Article en Ligne (HAL)</collection><collection>Hyper Article en Ligne (HAL) (Open Access)</collection><jtitle>International journal of production research</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Nguyen, Khanh T.P.</au><au>Yeung, Thomas</au><au>Castanier, Bruno</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Acquisition of new technology information for maintenance and replacement policies</atitle><jtitle>International journal of production research</jtitle><date>2017-04-18</date><risdate>2017</risdate><volume>55</volume><issue>8</issue><spage>2212</spage><epage>2231</epage><pages>2212-2231</pages><issn>0020-7543</issn><eissn>1366-588X</eissn><abstract>In this paper, we propose the first model that considers the option to acquire information on the profitability of a new technology that is not yet available on the market for asset maintenance and replacement decisions. We consider the uncertainty of future asset characteristics by incorporating information acquisition decisions into a non-stationary Markov decision process framework. Using this framework, we optimise asset maintenance and replacement decisions as well as the optimal timing of new technology adoption. Through mathematical analyses, the monotone properties and convexity of the value function and optimal policy are deduced. Deeper numerical analyses highlight the importance of considering the acquisition of information on future technology when formulating a maintenance and replacement policy for the asset. We also deduce a non-intuitive result: an increase in the arrival probability of new technology does not necessarily make the acquisition of additional information more attractive.</abstract><cop>London</cop><pub>Taylor & Francis</pub><doi>10.1080/00207543.2016.1229069</doi><tpages>20</tpages><orcidid>https://orcid.org/0000-0002-3735-3331</orcidid><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0020-7543 |
| ispartof | International journal of production research, 2017-04, Vol.55 (8), p.2212-2231 |
| issn | 0020-7543 1366-588X |
| language | eng |
| recordid | cdi_proquest_journals_1883564858 |
| source | EBSCOhost Business Source Complete; Taylor & Francis:Master (3349 titles) |
| subjects | Acquisitions & mergers Applications Computer Science Data processing Decisions Economic models information acquisition Maintenance Maintenance management Markov analysis Markov decision rules Markov modelling Mathematical analysis Modeling and Simulation New technology Optimization Policies Profitability replacement policies Statistics Technology adoption technology management |
| title | Acquisition of new technology information for maintenance and replacement policies |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-02T22%3A34%3A26IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_hal_p&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Acquisition%20of%20new%20technology%20information%20for%20maintenance%20and%20replacement%20policies&rft.jtitle=International%20journal%20of%20production%20research&rft.au=Nguyen,%20Khanh%20T.P.&rft.date=2017-04-18&rft.volume=55&rft.issue=8&rft.spage=2212&rft.epage=2231&rft.pages=2212-2231&rft.issn=0020-7543&rft.eissn=1366-588X&rft_id=info:doi/10.1080/00207543.2016.1229069&rft_dat=%3Cproquest_hal_p%3E4321414813%3C/proquest_hal_p%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=1883564858&rft_id=info:pmid/&rfr_iscdi=true |