We propose a new type of repairman model in which failures may require multiple repair operations, each done by a specialized repair crew. These repair operations may occur simultaneously. An analysis of the model is carried out using diffusion approximation techniques. The analysis predicts...

This paper describes a maximum principle for distributed parameter systems, i.e. systems characterized by partial differential equations. The maximum principle is applied to solve the problem of a cattle rancher who must decide the number of cattle in different age groups to be bought and sold...

A general sates-advertising model is developed in which the state of the system represents a population distribution over a parameter space. With appropriate interpretations, this can include income, family size, geographic distributions, etc. Effects of information diffusion, interaction, and...

This paper considers an infinite horizon stochastic production planning problem with the constraint that production rate must be nonnegative. It is shown that an optimal feedback solution exists for the problem. Moreover, this solution is characterized and is then compared with the solution of...

This paper reports some new closed-form formulas of financial valuation for a deterministic firm with general financing policies and a time-dependent discount rate. A model of the firm is described which includes the price-dividend-balance integral equation whose solution yields the time path of...

This paper provides a rigorous mathematical treatment of the problem of valuation of a firm in a deterministic, partial equilibrium framework. It is shown that the dividend and arbitrage approaches to valuation are not equivalent in general. A necessary and sufficient condition for their...

This paper deals with the problem of the financial valuation of a firm and its shares of stock with given financing policies in a general stochastic environment. A model of the firm is described which includes the price-dividend balance integral equation whose solution yields the time path of...