Structure of optimal policies to periodic-review inventory models with convex costs and backorders for all values of discount factors.
Eugene A. FeinbergYan LiangPublished in: Ann. Oper. Res. (2022)
Keyphrases
- lost sales
- periodic review
- inventory models
- optimal policy
- finite horizon
- inventory systems
- inventory policy
- infinite horizon
- inventory control
- single stage
- sample path
- single product
- lead time
- base stock policies
- average cost
- expected cost
- stochastic demand
- demand distributions
- decision problems
- single period
- markov decision processes
- reinforcement learning
- ordering cost
- state space
- inventory level
- single item
- long run
- multistage
- holding cost
- finite state
- setup cost
- multi item
- dynamic programming
- lot size
- state dependent
- markov decision process
- sufficient conditions
- lot sizing
- initial state
- fixed cost
- optimal control
- service level
- supply chain
- total cost
- objective function