Bootstrap Simulation, Markov Decision Process Models, and Role of Discounting in the Valuation of Ecological Criteria in Uneven-Aged Forest Management

2011 ◽  
pp. 243-271
Author(s):  
Mo Zhou ◽  
Joseph Buongiorno ◽  
Jingjing Liang
Keyword(s):  
Forest Management ◽  
Markov Decision Process ◽  
Decision Process ◽  
Process Models ◽  
Bootstrap Simulation ◽  
Markov Decision ◽  
Ecological Criteria

Optimizing maintenance decisions in railway wheelsets: A Markov decision process approach

2018 ◽  
Vol 233 (2) ◽  
pp. 285-300 ◽  
Author(s):  
Joaquim AP Braga ◽  
António R Andrade
Keyword(s):  
Markov Decision Process ◽  
Decision Process ◽  
Transition Matrices ◽  
Technical Standards ◽  
Current State ◽  
Markov Transition ◽  
Markov Decision ◽  
Maintenance Decisions ◽  
Markov Transition Matrices

This article models the decision problem of maintaining railway wheelsets as a Markov decision process, with the aim to provide a way to support condition-based maintenance for railway wheelsets. A discussion on the role of the railway wheelsets is provided, as well as some background on the technical standards that guide maintenance decisions. A practical example is explored with the estimation of Markov transition matrices for different condition states that depend on the wheelset diameter, its mileage since last turning action (or renewal) and the damage occurrence. Bearing in mind all the possible maintenance actions, an optimal strategy is achieved, providing a map of best actions depending on the current state of the wheelset.

scholarly journals Risk aversion and risk seeking in multicriteria forest management: a Markov decision process approach

2017 ◽  
Vol 47 (6) ◽  
pp. 800-807 ◽  
Author(s):  
Joseph Buongiorno ◽  
Mo Zhou ◽  
Craig Johnston
Keyword(s):  
Risk Aversion ◽  
Markov Decision Process ◽  
Decision Process ◽  
Weighted Average ◽  
Basal Area ◽  
Risk Attitude ◽  
Expected Value ◽  
Process Models ◽  
Risk Seeking ◽  
Markov Decision

Markov decision process models were extended to reflect some consequences of the risk attitude of forestry decision makers. One approach consisted of maximizing the expected value of a criterion subject to an upper bound on the variance or, symmetrically, minimizing the variance subject to a lower bound on the expected value. The other method used the certainty equivalent criterion, a weighted average of the expected value and variance. The two approaches were applied to data for mixed softwood–hardwood forests in the southern United States with multiple financial and ecological criteria. Compared with risk neutrality or risk seeking, financial risk aversion reduced expected annual financial returns and production and led to shorter cutting cycles that lowered the expected diversity of tree species and size, stand basal area, stored CO2e, and old-growth area.

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