Most periodic review models in the inventory literature have assumed a fixed length of the review periods. In this note, we extend the work of Chiang (2008) , and consider backlogged and lost-sales periodic review models where the review periods are of a variable length and there is a fixed cost...

We address multi-item inventory systems with random and seasonally fluctuating, and possibly correlated, demands. The items are produced in two stages, each with its own lead-time; in the first stage a common intermediate product is manufactured. The production volumes in the first stage are...

In this paper, we use a Markov decision process (MDP) to model the joint inventory-promotion decision problem. The state variable of the MDP represents the demand state brought about by changing environmental factors as well as promotion decisions. The demand state in a period determines the...

We consider the extended economic production quantity (EPQ) problem when demand follows a Poisson process in a production system. A fixed lot sizing policy is implemented to minimize fluctuation of workload, and to smooth production planning and inventory control. The considered costs include...

Im Mittelpunkt der Arbeit steht die theoretische und empirische Analyse von Angebot und Nachfrage auf den Im- und Exportmärkten. Sie ist mit dem Ziel verknüpft, die Reagibilität von Preisen und Mengen im Außenhandel in Bezug auf Änderungen des realen Wechselkurses und der wirtschaftlichen...

A model to value Federal Agricultural Mortgage Corporation (Farmer Mac) agricultural mortgage-backed securities (AMBS) is developed and numerically solved. The results suggest prepayment penalties currently being used by Farmer Mac reduce yields on AMBS considerably. Even with prepayment...

If one were to examine the institutional configurations under which real world fisheries operate, one would find virtually no fisheries operating under either pure open access or rent maximizing conditions. Instead, most of the world's most important fisheries operate under common property,...

It is argued in this paper that static approaches to weed management, where the benefits and costs are only considered within a single season, are inappropriate for assessing the economic benefits of weed control technologies. There are carryover effects from weed management as weeds that escape...

We propose the relaxation algorithm as a simple and powerful method for simulating the transition process in growth models. This method has a number of important advantages: (1) It can easily deal with a wide range of dynamic systems including multi-dimensional systems with stable eigenvalues...

This article solves and characterizes optimal decision rules to invest in irreversible land improvements conditional on land tenure insecurity. Economic model is a normative dynamic programming model with known parameter for the one period returns and transition equations. The decision rules are...