On the optimality equation for average cost Markov decision processes and its validity for inventory control.
Eugene A. FeinbergYan LiangPublished in: Ann. Oper. Res. (2022)
Keyphrases
- average cost
- markov decision processes
- inventory control
- finite horizon
- inventory models
- optimal policy
- finite state
- infinite horizon
- state space
- dynamic programming
- initial state
- average reward
- markov decision process
- policy iteration
- risk sensitive
- supply chain
- reinforcement learning
- holding cost
- finite number
- stationary policies
- mathematical model
- lost sales
- setup cost
- action sets
- single item
- partially observable
- long run
- lead time
- reward function
- total cost
- steady state
- sufficient conditions