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Interactions between ageing and risk properties in the analysis of burn-in problems

Foschi, Rachele and Spizzichino, Fabio Interactions between ageing and risk properties in the analysis of burn-in problems. Decision Analysis. ISSN 1545-8490 (2012)

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Several relevant problems in reliability can be looked at as problems of risk management and of decisions in the face of uncertainty. However, in this frame, the so-called burn-in problem can be seen as a problem of risk taking par excellence. In this paper, we in particular point out some aspects concerning interactions between the probabilistic model for lifetimes and considerations of an economic kind. As one of the features of our work, we hinge on some unexplored connections between ageing properties of a one-dimensional survival function Formula and risk-aversion-type properties of the function u(t) = bG(t), b > 0, when the latter is seen as a utility function.

Item Type: Article
Identification Number: 10.1287/deca.1120.0236
Additional Information: Published online before print April 6, 2012
Uncontrolled Keywords: ageing; optimal decisions; utility functions; target-based approach
Subjects: H Social Sciences > HA Statistics
H Social Sciences > HB Economic Theory
Research Area: Economics and Institutional Change
Depositing User: Ms T. Iannizzi
Date Deposited: 08 May 2012 08:52
Last Modified: 09 May 2012 07:24
URI: http://eprints.imtlucca.it/id/eprint/1267

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