Risk aversion in maintenance

• Autorzy: Baker R.D.
• Języki publikacji: EN

Abstrakty

EN

The concept of risk averse maintenance is introduced. It is formulated in terms of seeking to minimize a disutility rather than a cost per unit time. A general formalism is given, followed by an example, the application to age-based replacement. The problem of overmaintenance caused by undue risk aversion on the part of engineers is briefly discussed.

Słowa kluczowe

EN

risk aversion; age-based replacement; maintenance; utility function approach

• Wydawca: Polskie Naukowo-Techniczne Towarzystwo Eksploatacyjne
• Czasopismo: Eksploatacja i Niezawodność
• Rocznik: 2006
• Tom: nr 2
• Strony: 14--16
• Opis fizyczny: bibliogr. 5 poz.

Twórcy

autor

Baker R.D.

• Centre for Operational Research and Applied Statistics, University of Salford, UK,

Bibliografia

• [1] Chun, H.C and K.Tang (1995). Determining the optimal warranty price based on the producer’s and customers risk preferences. European Journal of Operational Research, 97-110.
• [2] Cox, D.R. (1962). Renewal Theory. London: Chapman and Hall.
• [3] Jardine, A.K.S. (1973). Maintenance, Replacement and Reliability. Pitman, Bath.
• [4] Laffont, J.J. and D. Martimort (2002). The theory of incentives: the principal-agent model. Princeton: Princeton University Press.
• [5] Padmanabhan, V. and R.C. Rao (1993). Warranty policy and extended service contracts: theory and an application to automobiles, Marketing Science, 230-247.