An optimal stopping time for a power law process |
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Authors: | Nader Ebrahimi |
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Affiliation: | Northern Illinois University , |
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Abstract: | Exact reliability analysis for complex repairable systems are usually difficult because of the complicated failure process that can result from repair policy. A common approach in practice is to use a simplified process such as the Power Law process which, although not exact, yields useful practical results. In this paper we consider the problem of determining a stopping time when estimating parameters of a Power Law process. The Bayes method is used in order to obtain an optimal time. |
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Keywords: | Non-homogeneous Poisson process Power Law process Loss function Bayes estimate |
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