The economic and economic-statistical designs of an X¯ control chart for two-identical unit series systems with condition-based maintenance is studied in this paper. This system is described using a five-state continuous time Markov chain. We assume that the system is monitored by an X¯...

This paper analyzes a phase-type geometric process repair model with spare device procurement lead time and repairman’s multiple vacations. The repairman may mean here the human beings who are used to repair the failed device. When the device functions smoothly, the repairman leaves the system...

This article presents a descriptive theory for complex choice problems. In line with the bounded rationality assumption, we hypothesize that decision makers modify a complex choice into some coarse approximations, each of which is a binary lottery. We define the value of a best coarse...

In this paper, I provide a new axiomatization for rank-dependent utilities. I show that, along with weak order, dominance, and the binary rank-dependent representation, the decomposition of certainty equivalents is sufficient to derive the general rank-dependent model of Luce and Fishburn (1991,...