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dc.contributor.authorBueyuektahtakin, I. Esra
dc.contributor.authorSmith, J. Cole
dc.contributor.authorHartman, Joseph C.
dc.contributor.authorLuo, Shangyuan
dc.identifier.citationBueyuektahtakin, I. Esra; Smith, J. Cole; Hartman, Joseph C.; Luo, Shangyuan. 2014. Parallel asset replacement problem under economies of scale with multiple challengers. Engineering Economist: A Journal Devoted to the Problems of Capital Investment, vol. 59:no. 4:pp. 237-258, 2014 Special Issue: Special Issue on Engineering Economics in Reliability, Replacement and Maintenance, Part 2en_US
dc.descriptionClick on the DOI link to access the article (may not be free).en_US
dc.description.abstractThe parallel replacement problem under economies of scale (PRES) determines minimum cost replacement schedules for each individual asset in a group of assets that operate in parallel. A fixed cost is incurred in any period in which an asset is purchased. These fixed costs induce economies of scale, making replacement schedules for these assets economically interdependent. We prove that PRES is NP-hard and present integer programming formulations for four variants of the problem in which multiple asset types, or challengers, are available for replacement (MPRES). We then derive valid inequalities for PRES and MPRES, which are similar in structure to flow cover inequalities developed in the context of fixed charge network problems. Experiments illustrate that the inequalities are effective in improving the integrality gap of MPRES instances.en_US
dc.description.sponsorshipNational Science Foundation through grants EPS-0903806 and CMMI-11000765, the Defense Threat Reduction Agency through grant HDTRA1-10-1-0050, the Air Force Office of Scientific Research under grant FA9550-12-1-0353, the Office of Naval Research under grant N000141310036, and the State of Kansas through the Kansas Board of Regents.en_US
dc.publisherTaylor & Francis Groupen_US
dc.relation.ispartofseriesEngineering Economist;v.59:no.4
dc.titleParallel asset replacement problem under economies of scale with multiple challengersen_US

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    Research works published by faculty and students of the Department of Industrial, Systems, and Manufacturing Engineering

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