Studies in Applied Probability and Management Science Kenneth J. Arrow, Samuel Karlin, and Herbert Scarf, Editors Preface This volume contains a series of individual research papers in the area of applied probability and management science. Contributions are made to inventory theory, queueing and dam theory, replacement and maintenance problems, reliability structures, and capital policy. Some of the papers are parts of Ph.D. dissertations submitted to Stanford University. Several papers represent natural continuations of the studies presented in an earlier volume in this series, "Studies in the Mathematical Theory of Inventory and Production." We wish to express our gratitude to the Office of Naval Research and the National Science Foundation for the support of much of this work. THE EDITORS Stanford, California Contents Chapter 1. Optimal Capital Adjustments, Kenneth J. Arrow Chapter 2. Repairman Problems, Richard E. Barlow Chapter 3. Applications of Semi-Markov Processes to Counter Problems, Richard E. Barlow Chapter 4. Planned Replacement, Richard E. Barlow and Frank Proschan Chapter 5. Approximate Solutions to a Simple Multi-Echelons Inventory Problem, Andrew J. Clark and Herbert Scarf Chapter 6. The Time-Dependent Solution for a Dam with Ordered Poisson Inputs, J. Gani Chapter 7. Limiting Distributions for Some Storage Problems, D.P. Gaver, Jr. and R.G. Miller, Jr. Chapter 8. Optimal Policy for Dynamic Inventory Process with Non-Stationary Stochastic Demands, D. Iglehart and S. Karlin Chapter 9. Stochastic Models and Optimal Policy for Selling an Asset, Samuel Karlin Chapter 10. Prices and Optimal Inventory Policy, Samuel Karlin and Charles R. Carr Chapter 11. Markov Renewal Processes of Zero Order and Their Application to Counter Theory, Ronald Pyke Chapter 12. Optimal Replacement and Inspection of Stochastically Failing Equipment, R. Radner and D.W. Jorgenson Chapter 13. Approximations to Optimal Policies in a Dynamic Inventory Model, Donald M. Roberts Chapter 14. Steady-State Properties of Selected Inventory Models, Richard C. Singleton Chapter 15. Inventory Depletion Policies, Peter W. Zehna
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