Ergodic control in stochastic manufacturing systems with constant demand (Q1974224)
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scientific article; zbMATH DE number 1439360
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Ergodic control in stochastic manufacturing systems with constant demand |
scientific article; zbMATH DE number 1439360 |
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Ergodic control in stochastic manufacturing systems with constant demand (English)
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7 May 2000
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The authors are interested in the average-optimal production rate \(p(t)\) of a stochastic manufacturing system, where the inventory level \(x(t)\) follows a stochastic differential equation \(dx(t)= (p(t)- \xi)dt+ dw(t)\), additionally depending on the constant demand rate \(\xi\) and the standard Brownian motion \(w(t)\). The desired results are obtained by studying the associated discounted total cost model and letting the discount rate tend to zero.
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average-optimal production rate
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stochastic manufacturing system
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inventory level
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discounted total cost model
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discount rate
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