This paper applies, to ballistic missile systems, replacement policies for equipment subject to stochastic failures in which the actual state of the system--good or failed--is not known with certainty. Although it applies these policies only to the missile itself, optimal maintenance policies...

This paper calculates some of the operating characteristics of opportunistic replacement and inspection policies. An operating characteristic of a particular policy is a function defined on the stochastic process induced when the policy is implemented. An opportunistic replacement policy makes...

Economists' view of liquidity is askin to Supreme Court Justice Stewart's View of hard-core pornography: I shall not ... attempt further to define (it) .... But I know it when I see it. Embedding the process of selling an asset in a search environment enables us to provide an exact definition of...

This paper compares the solutions to "the induction problem" by Kolmogorov, de Finetti, and Solomonoff. Brief sketches of the intellectual history of de Finetti and Kolmogorov are also composed. Kolmogorov's contributions to information theory culminated in his notion of algorithmic complexity....

This paper is a survey of recent developments in probabilistic microeconomics. While research on the foundations of utility theory is not reviewed, a general Von Neumann-Morgenstern model of decision-making under uncertainty is presented. Alternative measures of risk aversion are examined within...