Connections Between Some Concepts in Reliability and Economics

Unaware of the developments in each other's areas, researchers in the disciplines of Economics and Reliability Theory have been working independently. The objective of this paper is to point out some interesting relationships that exist between some of the notions in these two areas. In particu...

Full description

Saved in:
Bibliographic Details
Published inModeling, Computation And Optimization pp. 45 - 55
Main Authors Kochar, Subhash, Xu, Maochao
Format Book Chapter
LanguageEnglish
Published WORLD SCIENTIFIC 01.04.2009
Subjects
Economics
NBUE
Reliability
TTT
HNBUE
Online AccessGet full text
ISBN9789814467896
9814273511
9789814273503
9814467898
9789814273510
9814273503
DOI10.1142/9789814273510_0004

Cover

More Information
Summary:Unaware of the developments in each other's areas, researchers in the disciplines of Economics and Reliability Theory have been working independently. The objective of this paper is to point out some interesting relationships that exist between some of the notions in these two areas. In particular, we will discuss notions of NBUE (New Better Than Used in Expectation) order, HNBUE order, TTT (Total Time on Test) order from Reliability Theory and those of Lorenz Order, Excess Wealth Order from Economics. Some new results obtained recently about these stochastic orders will also be presented.
ISBN:9789814467896
9814273511
9789814273503
9814467898
9789814273510
9814273503
DOI:10.1142/9789814273510_0004