To overcome the contradiction between the requirement of knowing the optimal expected payoff of the subprocess after any state at any time and the inability to know in the actual decision process in the backward recursive method for solving Markov decision processes (MDP), this paper proposes a...

Society currently experiences a growing interest in renting products instead of exclusively owning them. Simultaneously, the increasing availability of data allows rental companies to analyze their operations more effectively.As a result, we aim to support rental companies by providing a method...

Batch processing is a common production approach used in a number of industries. In this work, we consider modeling approaches for performanceevaluation of system with batch processing and sequence-dependent setup times (between each job) on a single machine with Poisson arrivals....

Assessing the medical quality of hospitals based on control charts has received lots of attention. However, existing control charts produce delay and false alarms when applying to semi-competing risk data, which widely exist in biomedical and clinical fields. Some studies have suggested that...

The COVID-19 pandemic is characterized by a recurring sequence of peaks and troughs. This article proposes a regime-switching unobserved components (UC) approach to model the trend of COVID-19 infections as a function of this ebb and flow pattern. Estimated regime probabilities indicate the...

The parametric estimation of stochastic differential equations (SDEs) has been the subject of intense studies already for several decades. The Heston model, for instance, is based on two coupled SDEs and is often used in financial mathematics for the dynamics of asset prices and their...

In this study, we analyse a large sample of Egyptian social pension data which covers, by law, the policyholder's spouse, children, parents and siblings. This data set uniquely enables the study and comparison of pairwise dependence between multiple familial relationships beyond the well-known...

This paper develops a new method for computing the stationary distribution and steady-state performance measures of stochastic systems that can be described as a continuous-state Markov chain supported on R. The balance equations are solved by constructing a proxy Markov chain with finite...