In this paper, we revisit and clarify the celebrated machine maintenance and sale age model of Kamien and Schwartz (KS) involving a machine subject to failure. KS formulate and solve the problem as a deterministic optimal control problem with the probability of the machine failure as the state...

What is Optimal Control Theory? -- The Maximum Principle: Continuous Time -- The Maximum Principle: Mixed Inequality Constraints -- The Maximum Principle: General Inequality Constraints -- Applications to Finance -- Applications to Production and Inventory -- Applications to Marketing -- The...

Solutions for Chapter 1 -- Solutions for Chapter 2 -- Solutions for Chapter 3 -- Solutions for Chapter 4 -- Solutions for Chapter 5 -- Solutions for Chapter 6 -- Solutions for Chapter 7 -- Solutions for Chapter 8 -- Solutions for Chapter 9 -- Solutions for Chapter 10 -- Solutions for Chapter 11...