Life-cycle cost analysis is an approach that has gained popularity for assisting the design of civil infrastructures. The life-cycle cost analysis approach can be leveraged for structures equipped with structural health monitoring systems in order to quantify the benefits of the technology and de facto support its long-term implementation. However, for new structures, the long-term assessment of the expected value of the total investment cost, in terms of the current worth at the design time, is still the focus of ongoing research due to unknowns and uncertainties on the impact of the structural health monitoring system on long-term structural performance. This article proposes a new combined model of life-cycle cost formulation and simulation methodology for the long-term financial assessment of transportation bridges equipped with seismic structural health monitoring systems, in order to evaluate the total costs and benefits offered by such monitoring systems for post-seismic assessments. The formulation characterizes the time evolution of bridge management cost terms, highlighting the most sensitive parameters. The simulation methodology allows to quantitatively weigh each maintenance action on the total cost based on when the action is performed. The model is used to compare structures managed by the traditional approach of post-earthquake inspection versus those managed by a condition-based approach enabled by structural health monitoring systems. The originality of the model empowers the comparison by payback time, defined as the break-even point between costs and benefits of a structural health monitoring system, as well as by economic gain, defined as the difference between the total costs of an unmonitored versus a monitored structure through the end of service life. The proposed model is demonstrated through parametric analyses on a case study consisting of a continuous steel-concrete composite bridge, where the structural health monitoring system is used to monitor the elastic limit state condition of bending forces in piers during the earthquake.
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