A calculation is made of the exact probability distribution of the two-dimensional displacement of a particle at timet that starts at the origin, moves in straight-line paths at constant speed, and… Expand

The problem of finding optimal replacement strategies for certain classes of failure systems is considered. These systems can be repaired upon failure, but are stochastically deteriorating, i.e., the… Expand

Abstract This paper presents a general model of cash management, viewed as an impulse control problem for a stochastic money flow process. Generalizing classical approaches, we represent this process… Expand

This paper develops the generating function for the steady-state probabilities of the embedded Markov chain and compute the optimal values of the decision variables ( m, M ) that maximize the expected profit.Expand

We study a one-dimensional telegraph process (M t ) t≥0 describing the position of a particle moving at constant speed between Poisson times at which new velocities are chosen randomly. The exact… Expand

Two maintenance models for repairable systems with exponential lifetimes are studied and optimal maintenance strategies (minimizing the expected discounted costs over an infinite horizon) are determined analytically.Expand

We consider a network of dams to which the external input is a multivariate Markov additive process. For each state of the Markov chain modulating the Markov additive process, the release rates are… Expand

We consider a modulated fluid system with a finite state-space Markov chain Jt as modulating process and general state-dependent net input rates. We derive differential equations for the transient… Expand