Interactions Between Ageing and Risk Properties in the Analysis of Burn-in Problems

Authors:
Rachele Foschi;Fabio Spizzichino
Affiliations:
Economics and Institutional Change Research Area, IMT Institute for Advanced Studies, 55100 Lucca, Italy;Dipartimento di Matematica, Università degli Studi di Roma La Sapienza, 00185 Roma, Italy
Venue:
Decision Analysis
Year:
2012

Citing 2
Cited 2

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Abstract

Several relevant problems in reliability can be looked at as problems of risk management and of decisions in the face of uncertainty. However, in this frame, the so-called burn-in problem can be seen as a problem of risk taking par excellence. In this paper, we in particular point out some aspects concerning interactions between the probabilistic model for lifetimes and considerations of an economic kind. As one of the features of our work, we hinge on some unexplored connections between ageing properties of a one-dimensional survival function Ḡ and risk-aversion-type properties of the function u(t) = bG(t), b 0, when the latter is seen as a utility function.