Discussion--A Note on the Asymptotic Behavior of an Optimal Procurement Policy
Considerable attention in recent years has been devoted to the problem of meeting known demands or requirements over some finite number of planning periods at minimum cost. Representative of these problems is a problem that was first solved in the fundamental paper by Modigliani and Hohn [Modigliani, F., F. E. Hohn. 1955. Production planning over time and the nature of the expectation and planning horizon. Econometrica 23 46-66.] (referred to as M-H). No new solutions to this problem are presented in this note. Rather the procedure is to utilize the results of the M-H paper and to investigate the behavior of the decision rule through time in a very special case which seems to be of considerable practical importance.
Year of publication: |
1959
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Authors: | Mills, Edwin S. |
Published in: |
Management Science. - Institute for Operations Research and the Management Sciences - INFORMS, ISSN 0025-1909. - Vol. 5.1959, 2, p. 204-209
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Publisher: |
Institute for Operations Research and the Management Sciences - INFORMS |
Saved in:
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