We study an economy in which the rate of change of population depends on population policy decisions. This requires population as well as capital as state variables. By showing the algebraic relationship between the shadow price of the population and the shadow price of the per capita capital...

Managing customer satisfaction in a cost effective way has always been a major challenge faced by inventory managers. We study the problem of a newsvendor selling a perishable product with short-term demand patterns and a long-term service target. The newsvendor determines his long-term order at...

We study a model of economic growth in which an exogenously changing population enters in the objective function under total utilitarianism and into the state dynamics as the labor input to the production function. We consider an arbitrary population growth until it reaches a critical level...

We deal with the problem of a profit-maximizing vendor selling a perishable product. At the beginningof a planning cycle, the vendor determines a minimum committed order per period. During the cycle, he may also place a supplemental order in each period based on the observed demand signal in...

Managing customer satisfaction in a cost effective way has always been a major challenge faced by inventory managers. This paper studies long-term service performance of a two-stage newsvendor selling a perishable product with short-term demand patterns. We characterize the optimal inventory...

Managing product availability in a cost effective way has always been a major challenge faced by inventory managers. We study the problem of a firm selling a perishable product with short-term demand patterns and a long-term service target using the newsvendor framework. The newsvendor...

Under many circumstances, demand observations are often censored due to the lack of tracking lost sales caused by stockouts. To understand the impact of the lost sales information on the ordering decisions, a periodic-review inventory model is formulated in which only the sales information is...

We extend the classical newsvendor problem by introducing a service constraint and a demand forecast update. The newsvendor orders an initial amount and has the possibility to adjust the initial order after she observes a demand updating signal. She also commits to a target service level before...

Information delays exist in an inventory system when it takes time to collect, process, validate, and transmit inventory/demand data. A general framework is developed in this paper to describe information flows in an inventory system with information delays. We characterize the suffcient...

We study an economy in which the rate of change of population depends on population policy decisions. This requires population as well as capital as state variables. By showing the algebraic relationship between the shadow price of the population and the shadow price of the per capita capital...