Optimality of Myopic Policies in Disposing Excess Inventory.
Donald B. RosenfieldPublished in: Oper. Res. (1992)
Keyphrases
- infinite horizon
- average cost
- optimal policy
- periodic review
- revenue management
- holding cost
- lost sales
- finite horizon
- long run average cost
- lead time
- long run
- average reward
- supply chain
- inventory systems
- markov decision processes
- single item
- inventory replenishment
- markov decision process
- selective perception
- stochastic demand
- inventory control
- safety stock
- inventory policy
- optimal production
- stationary policies
- inventory level
- base stock policies
- sample path
- bounded rationality
- lot size
- state space
- dynamic programming
- optimal control
- demand distributions
- multistage
- production planning
- inventory models
- order quantity
- optimality criterion
- policy iteration
- control policies
- state dependent
- single stage
- total cost
- optimal solution
- information gain
- joint replenishment
- cost function
- single period
- management policies
- supply chain management
- single product
- service level
- brute force
- asymptotically optimal
- multi item