By Dirk Beyer, Feng Cheng, Suresh P. Sethi, Michael Taksar (auth.)

ISBN-10: 0387716033

ISBN-13: 9780387716039

ISBN-10: 0387716041

ISBN-13: 9780387716046

"This publication includes the main whole, rigorous mathematical remedy of the classical dynamic stock version with stochastics calls for that i'm conscious of. Emphasis is put on a requirement constitution ruled by way of a discrete time Markov chain. The country of the Markov chain determines the call for distribution for the interval in query. lower than this extra normal call for constitution, (s,S) ordering regulations are nonetheless proven to be optimum. The mathematical point is complex and the booklet will be fabulous for a really expert direction on the Ph.D. level."

Donald L. Iglehart
Professor Emeritus of Operations examine, Stanford University

"This ebook presents a entire mathematical presentation of (s,S) stock types and offers readers thorough insurance of the analytic tools used to set up theoretical effects. Markovian call for types are central within the vast clinical literature on stock idea, and this quantity studies the entire very important conceptual advancements of the subject."

Harvey M. Wagner
University of North Carolina at Chapel Hill

"Beyer, Cheng, Sethi and Taksar have performed a very good task of bringing jointly a number of the vital effects approximately this crucial type of versions. The ebook may be valuable to someone drawn to stock theory."

Paul Zipkin
Duke University

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Extra info for Markovian Demand Inventory Models

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Appendices are included in Part VI. Part II starts with Chapter 2, where a discounted cost model with the full backlog assumption is introduced. The model is a generalization of classical inventory models with fixed costs that exhibit (s, S) policies. We model the demand process in a way that the demand distributions in successive periods depend upon the state of an underlying Markov chain. A dynamic programming formulation is used to provide the results on the uniqueness of the solution and the existence of an optimal feedback policy.

Demand in each period is supposed to occur at the end of the period after the order has been delivered. Unsatisfied demand is carried forward as backlog. The inventory balance equations are defined by ⎧ = xk + uk − ξk , k = n, . . , N −1, x ⎪ ⎪ ⎨ k+1 xn = x, initial inventory level, i , k = n, . . , N, Markov chain with transition matrix P, ⎪ ⎪ ⎩ k in = i, initial state, where xk is the surplus level at the beginning of period k, uk is the quantity ordered at the beginning of period k, ik is the demand state in period k, and ξk is the demand in period k.

It is shown that all of these models, not unlike the classical model, exhibit the optimality of (s, S)-type policies. 1. Introduction This chapter studies stochastic inventory problems with unbounded Markovian demands and more general costs than those considered in Chapter 2. Finite horizon problems, as well as stationary and nonstationary discounted cost infinite horizon problems, are addressed. c. with polynomial growth. Furthermore, optimality of (s, S)-type policies is proved when the ordering cost consists of fixed and proportional cost components and the surplus cost is convex.

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Markovian Demand Inventory Models by Dirk Beyer, Feng Cheng, Suresh P. Sethi, Michael Taksar (auth.)


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