Instruct: Identify the main and secondary category of Arxiv papers based on the titles and abstracts
Query: Optimal policy structure for system upgrades during an asset's lifetime   We consider a continuous-time stochastic model that aims to find an optimal
upgrade policy for a single system in an asset with a fixed overhaul planning.
In a novel model, we include the key critical factors that may drive an asset
owner to upgrade a system: increasing functionality requirements due to
evolving technology, age-dependent maintenance costs, a predetermined overhaul
plan, and a finite lifetime of the asset. We characterize the structure of the
optimal upgrade policy through analytical results, and use these to establish
an efficient solution approach based on dynamic programming. We also consider
the effects of the input parameters on the optimal total costs, both
analytically as well as numerically.

19
The categories of this paper are: eess
32
The categories of this paper are: atom-ph
27
The categories of this paper are: comp-gas
1
The categories of this paper are: cs
22
The categories of this paper are: chao-dyn
36
The categories of this paper are: cmp-lg
5
The categories of this paper are: gr-qc
18
The categories of this paper are: econ
30
The categories of this paper are: q-alg
14
The categories of this paper are: math-ph
16
The categories of this paper are: stat
12
The categories of this paper are: nucl-th
13
The categories of this paper are: quant-ph
4
The categories of this paper are: cond-mat
34
The categories of this paper are: chem-ph
20
The categories of this paper are: acc-phys