This article develops supply contracts covering environments with changing prices. We investigate characterization properties of the price processes, while considering costs and discount factors. We determine expressions of the contract's expected low price and its second moment for a given...

The wheels are one of the most worn components on a train. When the wear is unacceptable, the re-profiling can restore the shape of the wheel flange with the cost of decreasing the wheel diameter. The decision of re-profiling has serious implications for the life span of wheels. In this paper,...

A new policy, referred to as the condition-based replacement and spare provisioning policy, is presented for deteriorating systems with a number of identical units. It combines the condition-based replacement policy with periodical inspections and the (S,s) type inventory policy, noted as the...