Abstract
A degenerate two-dimensional diffusion process is considered as a model for the amount of deterioration at time t that a device can suffer before having to be repaired or replaced. The model is such that
is strictly decreasing with time. Moreover, the deterioration rate is assumed to increase after a random amount of time. An approximate solution is sought to the problem of maximizing the expected remaining useful lifetime of the device when it is weakly controlled.
Disclosure statement
No potential conflict of interest was reported by the author.