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Abstract
We consider a periodic review inventory system and present its optimal policy in
the infinite horizon setting. The optimal inventory policy that maximizes the infinite
horizon expected discounted prot for the model is analytically obtained by relating to the finite horizon setting using results from variational analysis. Results are provided that elucidate the operations of the inventory system in the long run.
the infinite horizon setting. The optimal inventory policy that maximizes the infinite
horizon expected discounted prot for the model is analytically obtained by relating to the finite horizon setting using results from variational analysis. Results are provided that elucidate the operations of the inventory system in the long run.
| Original language | English |
|---|---|
| Pages (from-to) | 12-18 |
| Number of pages | 7 |
| Journal | Operations Research Letters |
| Volume | 45 |
| Issue number | 1 |
| Early online date | 3 Nov 2016 |
| DOIs | |
| Publication status | Published - 2 Jan 2017 |
Keywords
- dynamic programming
- inventory control
- lateral transshipment
- optimal policy
- variational analysis
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Dive into the research topics of 'Infinite horizon optimal policy for an inventory system with two types of product sharing common hardware platforms'. Together they form a unique fingerprint.Research output
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- 1 Article
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Optimal policies for inventory systems with two types of product sharing common hardware platforms: single period and finite horizon
Chou, M. C., Sim, C-K. & Yuan, X-M., 16 Jan 2013, In: European Journal of Operational Research. 224, 2, p. 283-292Research output: Contribution to journal › Article › peer-review