Average cost optimality in inventory models with Markovian demands

DOI10.1023/A:1022651322174zbMath0873.90021OpenAlexW1489249535MaRDI QIDQ1356092

Suresh P. Sethi, Dirk Beyer

Publication date: 4 June 1997

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

Full work available at URL: https://doi.org/10.1023/a:1022651322174

zbMATH Keywords

infinite horizonMarkov chainvanishing discount approachstochastic inventoryergodic costlong-run average cost minimizationoptimal state-dependent \((s,S)\) policy

Mathematics Subject Classification ID

Inventory, storage, reservoirs (90B05) Dynamic programming (90C39)

Related Items (17)

STOCHASTIC MULTI-ITEM INVENTORY SYSTEMS WITH MARKOV-MODULATED DEMANDS AND PRODUCTION QUANTITY REQUIREMENTS ⋮ Pricing and inventory control strategy for a periodic-review energy buy-back system ⋮ Managing dynamic inventory systems with product returns: a Markov decision process ⋮ A mathematical programming-based solution method for the nonstationary inventory problem under correlated demand ⋮ An integrated data-driven method using deep learning for a newsvendor problem with unobservable features ⋮ (s, S) Inventory Systems with Correlated Demands ⋮ Optimal Production-Inventory Policy for a Periodic-Review Energy Buy-Back System over an Infinite Planning Horizon ⋮ Optimal Inventory Control with Jump Diffusion and Nonlinear Dynamics in the Demand ⋮ Inventory control with an order-time constraint: optimality, uniqueness and significance ⋮ Ergodic control for a mean reverting inventory model ⋮ Markov-modulated analysis of a spare parts system with random lead times and disruption risks ⋮ Optimality of \((s,S)\) policies with nonlinear processes ⋮ Dynamic modeling and control of supply chain systems: A review ⋮ Optimal and Near-Optimal (s,S) Inventory Policies for Levy Demand Processes ⋮ Inventory models with Markovian demands and cost functions of polynomial growth ⋮ OPTIMAL PRICING AND PRODUCTION POLICIES OF A MAKE-TO-STOCK SYSTEM WITH FLUCTUATING DEMAND ⋮ The classical average-cost inventory models of Iglehart and Veinott-Wagner revisited

Cites Work

• Unnamed Item
• Unnamed Item
• Unnamed Item
• Unnamed Item
• Inventory models with Markovian demands and cost functions of polynomial growth
• The classical average-cost inventory models of Iglehart and Veinott-Wagner revisited
• Some comments on a theorem of Hardy and Littlewood
• Optimal production planning in a stochastic manufacturing system with long-run average cost
• Inventory models with unreliable suppliers in a random environment
• An Efficient Algorithm for Computing Optimal (s, S) Policies
• Numerical Comparisons of Inventory Policies for Periodic Review Systems
• Finding Optimal (s, S) Policies Is About As Simple As Evaluating a Single Policy
• A simple proof for optimality of (s, S) policies in infinite-horizon inventory systems
• Cost Models for Stochastic Clearing Systems
• A new approach to (s, S) inventory systems
• Sample Path Derivatives for (s, S) Inventory Systems
• Optimality of (s, S) Policies in Inventory Models with Markovian Demand
• Discrete-Time Controlled Markov Processes with Average Cost Criterion: A Survey
• Inventory Control in a Fluctuating Demand Environment
• Computing Optimal (s, S) Inventory Policies
• On the Opimality of $( {s,S} )$ Inventory Policies: New Conditions and a New Proof

This page was built for publication: Average cost optimality in inventory models with Markovian demands