Existence of Optimal Simple Policies for Discounted-Cost Inventory and Cash Management in Continuous Time.
George M. ConstantinidesScott F. RichardPublished in: Oper. Res. (1978)
Keyphrases
- stationary policies
- average cost
- infinite horizon
- holding cost
- lot sizing
- optimal policy
- periodic review
- markov decision processes
- finite horizon
- long run average cost
- inventory policy
- optimal control
- long run
- total cost
- expected cost
- inventory level
- lost sales
- echelon stock
- dynamic programming
- fixed cost
- markov decision process
- state space
- setup cost
- finite state
- inventory systems
- optimal production
- single item
- stochastic demand
- order quantity
- multistage
- replenishment policy
- single product
- inventory models
- total reward
- base stock policies
- inventory control
- base stock policy
- optimal base stock levels
- multi item
- lead time
- control policy
- joint replenishment
- markov chain
- allocation policy
- minimum cost
- demand distributions
- optimal strategy
- sufficient conditions
- production planning
- production cost
- decision making
- control policies
- reinforcement learning
- dynamical systems
- optimal solution
- inventory management
- production capacity
- construction project
- single period
- management policies
- service level
- asymptotically optimal
- state dependent