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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...
Autores principales: | , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Springer International Publishing
2016
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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. |
format | Online Article Text |
id | pubmed-4909693 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2016 |
publisher | Springer International Publishing |
record_format | MEDLINE/PubMed |
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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