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Developing a weighted reward criterion for the Markov-based decision of road maintenance

Reward criterion is an important decision factor in a Markov-based road maintenance optimization model. At present, average reward criterion or discounted reward criterion is widely used to optimize life cycle costs of road maintenance. However, the former one cannot reflect the time value of life c...

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Detalles Bibliográficos
Autores principales: Gao, Hui, Zhang, Xueqing, Li, Yashuai
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Springer International Publishing 2016
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4909693/
https://www.ncbi.nlm.nih.gov/pubmed/27376000
http://dx.doi.org/10.1186/s40064-016-2464-2
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author Gao, Hui
Zhang, Xueqing
Li, Yashuai
author_facet Gao, Hui
Zhang, Xueqing
Li, Yashuai
author_sort Gao, Hui
collection PubMed
description Reward criterion is an important decision factor in a Markov-based road maintenance optimization model. At present, average reward criterion or discounted reward criterion is widely used to optimize life cycle costs of road maintenance. However, the former one cannot reflect the time value of life cycle costs whereas the latter one tends to neglect the costs accumulated in the later periods over the decision horizon. In this regard, a weighted reward criterion is developed for the Markov-based road maintenance optimization model. It measures the trade-off of the average reward and the discounted reward by setting the weights of two rewards. In addition, the existence of the optimal plan under the weighted reward criterion is proven by two numerical examples under two scenarios with and without considering the inflation on maintenance costs. Finally, comparison is conducted between the proposed criterion and the average reward criterion/the discounted reward criterion to check the impacts of discount rates and inflation rates on the optimal plan.
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spelling pubmed-49096932016-07-01 Developing a weighted reward criterion for the Markov-based decision of road maintenance Gao, Hui Zhang, Xueqing Li, Yashuai Springerplus Research Reward criterion is an important decision factor in a Markov-based road maintenance optimization model. At present, average reward criterion or discounted reward criterion is widely used to optimize life cycle costs of road maintenance. However, the former one cannot reflect the time value of life cycle costs whereas the latter one tends to neglect the costs accumulated in the later periods over the decision horizon. In this regard, a weighted reward criterion is developed for the Markov-based road maintenance optimization model. It measures the trade-off of the average reward and the discounted reward by setting the weights of two rewards. In addition, the existence of the optimal plan under the weighted reward criterion is proven by two numerical examples under two scenarios with and without considering the inflation on maintenance costs. Finally, comparison is conducted between the proposed criterion and the average reward criterion/the discounted reward criterion to check the impacts of discount rates and inflation rates on the optimal plan. Springer International Publishing 2016-06-16 /pmc/articles/PMC4909693/ /pubmed/27376000 http://dx.doi.org/10.1186/s40064-016-2464-2 Text en © The Author(s) 2016 Open AccessThis article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.
spellingShingle Research
Gao, Hui
Zhang, Xueqing
Li, Yashuai
Developing a weighted reward criterion for the Markov-based decision of road maintenance
title Developing a weighted reward criterion for the Markov-based decision of road maintenance
title_full Developing a weighted reward criterion for the Markov-based decision of road maintenance
title_fullStr Developing a weighted reward criterion for the Markov-based decision of road maintenance
title_full_unstemmed Developing a weighted reward criterion for the Markov-based decision of road maintenance
title_short Developing a weighted reward criterion for the Markov-based decision of road maintenance
title_sort developing a weighted reward criterion for the markov-based decision of road maintenance
topic Research
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4909693/
https://www.ncbi.nlm.nih.gov/pubmed/27376000
http://dx.doi.org/10.1186/s40064-016-2464-2
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