The classical average-cost inventory models of Iglehart and Veinott-Wagner revisited

DOI10.1023/A:1021734003033zbMath0943.90003OpenAlexW3125883667MaRDI QIDQ1301890

Suresh P. Sethi, Dirk Beyer

Publication date: 13 September 2000

Published in: Journal of Optimization Theory and Applications (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1023/a:1021734003033

zbMATH Keywords

infinite horizon\((s,S)\) policylong-run average costsdynamic inventory modelsstationary analysis

Mathematics Subject Classification ID

Inventory, storage, reservoirs (90B05)

Related Items (10)

Average cost optimality in inventory models with Markovian demands ⋮ STOCHASTIC SETUP-COST INVENTORY MODEL WITH BACKORDERS AND QUASICONVEX COST FUNCTIONS ⋮ Model predictive control of cash balance in a cash concentration and disbursements system ⋮ New structural properties of (\(s,S\)) policies for inventory models with lost sales ⋮ An intuitive approach to inventory control with optimal stopping ⋮ Optimal Inventory Control with Jump Diffusion and Nonlinear Dynamics in the Demand ⋮ Solving a class of simulation-based optimization problems using ``optimality in probability ⋮ Inventory models with Markovian demands and cost functions of polynomial growth ⋮ Structure of optimal policies to periodic-review inventory models with convex costs and backorders for all values of discount factors ⋮ On the optimality equation for average cost Markov decision processes and its validity for inventory control

Cites Work

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• A simple proof for optimality of (s, S) policies in infinite-horizon inventory systems
• On the Optimality of $(s,S)$-Policies in Dynamic Inventory Models with Finite Horizon
• Cost Models for Stochastic Clearing Systems
• Durchschnittsoptimale strategien in Markovschen entscheidungsmodellea bei unbeschränkten kosten
• A new approach to (s, S) inventory systems
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• Optimality of (s, S) Policies in Inventory Models with Markovian Demand
• Computing Optimal (s, S) Inventory Policies
• On the Opimality of $( {s,S} )$ Inventory Policies: New Conditions and a New Proof

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