This paper considers an infinite horizon stochastic production planning problem with the constraint that production rate must be nonnegative. It is shown that an optimal feedback solution exists for the problem. Moreover, this solution is characterized and is then compared with the solution of...

This paper gives a survey of the various forms of Pontryagin's maximum principle for optimal control problems with state variable inequality constraints. The relations between the different sets of optimality conditions arising in these forms are shown. Furthermore, the application of these...

A reprint of one of the classic volumes on portfolio theory and investment, this book has been used by the leading professors at universities such as Stanford, Berkeley, and Carnegie-Mellon. It contains five parts, each with a review of the literature and about 150 pages of computational and...

We consider a non-repetitive manufacturing environment where the first stage will successively process different types of items that require different set up modes. Optimal sublot sizes are determined by studying the trade-off between the cost and time spent in restoration and rework. In...

We consider a non-repetitive manufacturing environment where the first stage will successively process different types of items that require different set up modes. Optimal sublot sizes are determined by studying the trade-off between the cost and time spent in restoration and rework. In...