Average Cost Optimality in Inventory Models with Markovian Demands

This paper is concerned with long-run average cost minimization of a stochastic inventory problem with Markovian demand, fixed ordering cost, and convex surplus cost. The states of the Markov chain represent different possible states of the environment. Using a vanishing discount approach, a dynamic programming equation and the corresponding verification theorem are established. Finally, the existence of an optimal state-dependent (s, S) policy is proved

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Year of publication:	2017
Authors:	Beyer, Dirk ; Sethi, Suresh
Publisher:	[S.l.] : SSRN

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Extent:	1 Online-Ressource (30 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: Journal of Optimization Theory and Applications: Vol. 92, No. 3, pp. 497-526, MARCH 1997 Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 1987 erstellt
Classification:	M11 - Production Management ; C61 - Optimization Techniques; Programming Models; Dynamic Analysis
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014217621