References
- Abdi, A., & Taghipour, S. (2019). Sustainable asset management: A repair-replacement decision model considering environmental impacts, maintenance quality, and risk. Computers & Industrial Engineering, 136, 117–134. https://doi.org/https://doi.org/10.1016/j.cie.2019.07.021
- Al-Chalabi, H. S. H. (2014). Reliability and life cycle cost modelling of mining drilling rigs. Luleå University of Technology.
- Al-Chalabi, H., Lundberg, J., Ahmadi, A., & Jonsson, A. (2015). Case Study: Model for economic lifetime of drilling machines in the Swedish mining industry. The Engineering Economist, 60(2), 138–154. https://doi.org/https://doi.org/10.1080/0013791X.2014.952466
- Apeland, S., & Scarf, P. A. (2003). A fully subjective approach to capital equipment replacement. Journal of the Operational Research Society, 54(4), 371–378. https://doi.org/https://doi.org/10.1057/palgrave.jors.2601505
- Bellman, R. (1955). Equipment replacement policy. Journal of the Society for Industrial and Applied Mathematics, 3(3), 133–136. https://doi.org/https://doi.org/10.1137/0103011
- Blank, L., & Tarquin, A. (2005). Engineering economy. McGraw-Hill.
- Brown, M. J. (1993). A mean-variance serial replacement decision model: The correlated case. The Engineering Economist, 38(3), 237–247. https://doi.org/https://doi.org/10.1080/00137919308903100
- Büyüktahtakın, İ. E., & Hartman, J. C. (2016). A mixed-integer programming approach to the parallel replacement problem under technological change. International Journal of Production Research, 54(3), 680–695. https://doi.org/https://doi.org/10.1080/00207543.2015.1030470
- Chang, P.-T. (2005). Fuzzy strategic replacement analysis. European Journal of Operational Research, 160(2), 532–559. https://doi.org/https://doi.org/10.1016/j.ejor.2003.07.001
- Chen, Z. (2000). A new two-parameter lifetime distribution with bathtub shape or increasing failure rate function. Statistics & Probability Letters, 49(2), 155–161. https://doi.org/https://doi.org/10.1016/S0167-7152(00)00044-4
- Dixit, A. K., & Pindyck, R. S. (1994). Investment under uncertainty. Princeton university press.
- Draper, N. R., & Smith, H. (1998). Applied regression analysis (Vol. 326). John Wiley & Sons.
- Eschenbach, T. (2003). Engineering economy: applying theory to practice. Oxford University Press.
- Goldstein, T., Ladany, S. P., & Mehrez, A. (1988). A discounted machine‐replacement model with an expected future technological breakthrough. Naval Research Logistics (NRL), 35(2), 209–220. https://doi.org/https://doi.org/10.1002/1520-6750(198804)35:2<209::AID-NAV3220350206>3.0.CO;2-3
- Grinyer, P. (1973). The effects of technological change on the economic life of capital equipment. AIIE Transactions, 5(3), 203–213.
- Hartman, J. C. (2001). An economic replacement model with probabilistic asset utilization. IIE Transactions, 33(9), 717–727. https://doi.org/https://doi.org/10.1080/07408170108936868
- Hartman, J. C., & Murphy, A. (2006). Finite-horizon equipment replacement analysis. IIE Transactions, 38(5), 409–419. https://doi.org/https://doi.org/10.1080/07408170500380054
- Hartman, J. C., & Tan, C. H. (2014). Equipment replacement analysis: a literature review and directions for future research. The Engineering Economist, 59(2), 136–153. https://doi.org/https://doi.org/10.1080/0013791X.2013.862891
- Hopp, W. J., & Nair, S. K. (1994). Markovian deterioration and technological change. IIE Transactions, 26(6), 74–82. https://doi.org/https://doi.org/10.1080/07408179408966640
- Inegbedion, H., & Aghedo, M. (2018). A model of vehicle replacement time with overloading cost constraint. Journal of Management Analytics, 5(4), 350–370. https://doi.org/https://doi.org/10.1080/23270012.2018.1474390
- Jaafari, A., & Mateffy, V. (1990). Realistic model for equipment replacement. Journal of Construction Engineering and Management, 116(3), 514–532. https://doi.org/https://doi.org/10.1061/(ASCE)0733-9364(1990)116:3(514)
- Jardine, A. K., & Tsang, A. H. (2013). Maintenance, replacement, and reliability: theory and applications. CRC press.
- Johnson, N. L. (1949). Systems of frequency curves generated by methods of translation. Biometrika, 36(Pt. 1-2), 149–176. https://doi.org/https://doi.org/10.1093/biomet/36.1-2.149
- Keles, P., & Hartman, J. C. (2004). Case study: bus fleet replacement. The Engineering Economist, 49(3), 253–278. https://doi.org/https://doi.org/10.1080/00137910490498951
- Kim, K. J., & Kim, K. (2010). Preliminary cost estimation model using case-based reasoning and genetic algorithms. Journal of Computing in Civil Engineering, 24(6), 499–505. https://doi.org/https://doi.org/10.1061/(ASCE)CP.1943-5487.0000054
- Koowattanatianchai, N., & Charles, M. B. (2015). An extended asset replacement model: impacts of taxation, inflation and technological advancement on optimal asset duration. INFOR: Information Systems and Operational Research, 53(4), 178–193.
- Landwehr, J. M., Matalas, N., & Wallis, J. (1979). Estimation of parameters and quantiles of Wakeby distributions: 1. Known lower bounds. Water Resources Research, 15(6), 1361–1372. https://doi.org/https://doi.org/10.1029/WR015i006p01361
- Lashgari, A., & Sayadi, A. R. (2013). Statistical approach to determination of overhaul and maintenance cost of loading equipment in surface mining. International Journal of Mining Science and Technology, 23(3), 441–446. https://doi.org/https://doi.org/10.1016/j.ijmst.2013.05.002
- Lohmann, J. R. (1986). A stochastic replacement economic decision model. IIE Transactions, 18(2), 182–194. https://doi.org/https://doi.org/10.1080/07408178608975346
- Mac Cawley, A., Cubillos, M., & Pascual, R. (2020). A real options approach for joint overhaul and replacement strategies with mean reverting prices. Annals of Operations Research, 286(1), 303–324.
- Malham, S. J., & Wiese, A. (2010). An introduction to SDE simulation. https://arxiv.org/abs/1004.0646.
- Meyer Jr, R. A. (1971). Equipment replacement under uncertainty. Management Science, 17(11), 750–758. https://doi.org/https://doi.org/10.1287/mnsc.17.11.750
- Mitchell Jr, Z. W. (1998). A statistical analysis of construction equipment repair costs using field data & the cumulative cost model. Virginia Tech.
- Reddy, K., & Clinton, V. (2016). Simulating stock prices using geometric Brownian Motion: Evidence from Australian Companies. Australasian Accounting, Business and Finance Journal, 10(3), 23–47.
- Regnier, E., Sharp, G., & Tovey, C. (2004). Replacement under ongoing technological progress. IIE Transactions, 36(6), 497–508. https://doi.org/https://doi.org/10.1080/07408170490438401
- Richardson, S., Kefford, A., & Hodkiewicz, M. (2013). Optimised asset replacement strategy in the presence of lead time uncertainty. International Journal of Production Economics, 141(2), 659–667. https://doi.org/https://doi.org/10.1016/j.ijpe.2012.10.006
- Safaei, N., & Zuashkiani, A. (2012). Manufacturing system design by considering multiple machine replacements under discounted costs. IIE Transactions, 44(12), 1100–1114. https://doi.org/https://doi.org/10.1080/0740817X.2012.654845
- Seif, J., & Rabbani, M. (2014). Component based life cycle costing in replacement decisions. Journal of Quality in Maintenance Engineering, 20(4), 436–452. https://doi.org/https://doi.org/10.1108/JQME-08-2013-0053
- Stasko, T. H., & Gao, H. O. (2012). Developing green fleet management strategies: Repair/retrofit/replacement decisions under environmental regulation. Transportation Research Part A: Policy and Practice, 46(8), 1216–1226.
- Suresh, N. C. (1992). A generalized multimachine replacement model for flexible automation investments. IIE Transactions, 24(2), 131–143. https://doi.org/https://doi.org/10.1080/07408179208964210
- Tan, C. H., & Hartman, J. C. (2010). Equipment replacement analysis with an uncertain finite horizon. IIE Transactions, 42(5), 342–353. https://doi.org/https://doi.org/10.1080/07408170903394363
- Taylor, J. S. (1923). A statistical theory of depreciation: Based on unit cost. Journal of the American Statistical Association, 18(144), 1010–1023. https://doi.org/https://doi.org/10.1080/01621459.1923.10502133
- Verheyen, P. (1979). Economic interpretation of models for the replacement of machines. European Journal of Operational Research, 3(2), 150–156. https://doi.org/https://doi.org/10.1016/0377-2217(79)90101-2
- Yatsenko, Y., & Hritonenko, N. (2010). Discrete–continuous analysis of optimal equipment replacement. International Transactions in Operational Research, 17(5), 577–593. https://doi.org/https://doi.org/10.1111/j.1475-3995.2009.00747.x
- Yatsenko, Y., & Hritonenko, N. (2015). Algorithms for asset replacement under limited technological forecast. International Journal of Production Economics, 160, 26–33. https://doi.org/https://doi.org/10.1016/j.ijpe.2014.08.020
- Yatsenko, Y., & Hritonenko, N. (2016). Asset replacement under improving operating and capital costs: a practical approach. International Journal of Production Research, 54(10), 2922–2933. https://doi.org/https://doi.org/10.1080/00207543.2015.1135259
- Yatsenko, Y., & Hritonenko, N. (2017). Machine replacement under evolving deterministic and stochastic costs. International Journal of Production Economics, 193, 491–501. https://doi.org/https://doi.org/10.1016/j.ijpe.2017.08.013
- Yatsenko, Y., & Hritonenko, N. (2020). Optimal asset replacement: Profit maximization under varying technology. International Journal of Production Economics, 228, 107670. https://doi.org/https://doi.org/10.1016/j.ijpe.2020.107670
- Ye, M.-H. (1990). Optimal replacement policy with stochastic maintenance and operation costs. European Journal of Operational Research, 44(1), 84–94. https://doi.org/https://doi.org/10.1016/0377-2217(90)90317-5