Disruptions and random supplies have been important sources of uncertainty that should be considered in the design and control of supply chains. There have been many real world examples in which a single catastrophic event has simultaneously degraded the capabilities of several suppliers leading...

It has been shown that vine copulas constructed from bivariate t copulas can provide good fits to multivariate financial asset return data. However, there might be stronger tail dependence of returns in the joint lower tail of assets than the upper tail. To this end, vine copula models with...

In this paper we study the first passage time for a damage process to exceed a given threshold or for the maximal increment of this process to pass a certain critical value. Conditions under which this first passage time possesses the NBU, the IFRA or the IFR properties are studied. An...

This paper presents some conditions for stochastic equality of (univariate or multivariate) random variables under various stochastic orderings. The main results provide generalizations of several known results. Applications to stochastic equivalence and characterization problems associated with...

This paper is concerned with opportunistic maintenance on a multi-component cumulative damage shock model with stochastically dependent components. A component fails when its cumulative damage exceeds a given threshold, and any such a failure creates a maintenance opportunity, and triggers a...