In this paper we develop a vintage capital model for a firm involved in a market for tradable emission permits. We analyze both the firm's optimal investment plans and the market equilibrium. This allows us to scrutinize how firms use permits free endowment, and to highlight the implications of non-optimal uses both at the firm and at the market level. We provide a new rationale for the market ...

We consider a system which deteriorates with age and may experience a failure at any time instant. On failure, the system may be replaced or repaired. The repair can partially reset the failure intensity of the unit. Under a suitable cost structure it has been proved in the literature that the average-cost optimal policy is of control-limit type, i.e. it conducts a replacement if and only if, o...

A new approach to computation of optimal policies for MDP (Markov decision process) models is introduced. The main idea is to solve not one, but an entire family of MDPs, parameterized by a weighting factor ζ that appears in the one-step reward function. For an MDP with d states, the family of value functions {hζ : ζ ∈ R} is the solution to an ODE, d dζh ∗ ζ = V(hζ) where the vector field V : R...

We introduce a Markov decision process in continuous time for the optimal control of a simple symmetrical immigration-emigration process by the introduction of total catastrophes. It is proved that a particular control-limit policy is average cost optimal within the class of all stationary policies by verifying that the relative values of this policy are the solution of the corresponding optima...

the hotelling's  control chart, is the most widely used multivariate procedure for monitoring  two or more related quality characteristics, but it’s power lacks the desired performance in detecting small to moderate shifts. recently, the variable sampling intervals (vsi) control scheme in which the length of successive sampling intervals is determined upon the preceding values has been pro...

in this paper we intend to generate some set of optimal trajectories according to the number of control points has been applied for parameterizing those using b-spline curves. the trajectories are used to generate an optimal locomotion gait in a crawling worm-like robot. due to gait design considerations it is desired to minimize the required torques in a cycle of gait. similar to caterpillars,...

In deepwater-drilling engineering, it is necessary to disconnect the bottom equipment of lower marine-riser package from blowout preventer when encountering multi-hazard environmental factors. order reduce impact recoil on drilling platform after sudden disconnection riser, in this paper, an optimal guaranteed cost H∞ control problem considered for riser. First, a three-element mass-damper-spri...