Title :
Risk-sensitive production planning
Author :
Fleming, W.H. ; Zhan, Q.
Author_Institution :
Div. of Appl. Math., Brown Univ., Providence, RI, USA
Abstract :
This paper deals with long-run average risk sensitive control of production planning in a manufacturing system with machines that are subject to breakdown and repair. By using a logarithmic transformation, it is shown that the associated Hamilton-Jacobi-Bellman equation has a viscosity solution. The risk sensitive control problem has a dynamic stochastic game interpretation. Finally, a limiting problem is obtained when the rates of machine breakdown and repair go to infinity
Keywords :
Markov processes; planning; production control; risk management; stochastic games; transforms; Hamilton-Jacobi-Bellman equation; Markov chain; dynamic stochastic game; logarithmic transformation; machine breakdown; machine repair; manufacturing system; production planning; risk sensitive control; Control systems; Costs; Electric breakdown; H infinity control; Manufacturing systems; Mathematics; Production planning; Production systems; Stochastic processes; Viscosity;
Conference_Titel :
Decision and Control, 1998. Proceedings of the 37th IEEE Conference on
Conference_Location :
Tampa, FL
Print_ISBN :
0-7803-4394-8
DOI :
10.1109/CDC.1998.757859
