Optimal Policies Under Different Pricing Strategies in a Production System with Markov-Modulated Demand.
E. Lerzan ÖrmeciJean-Philippe GayonIsilay Talay-DegirmenciFikri KaraesmenPublished in: System Modelling and Optimization (2005)
Keyphrases
- production system
- optimal policy
- inventory control
- pricing strategies
- finite horizon
- multistage
- ordering cost
- lost sales
- inventory policy
- inventory level
- dynamic pricing
- inventory models
- stochastic demand
- planning horizon
- infinite horizon
- markov decision processes
- decision problems
- single product
- dynamic programming
- state space
- state dependent
- customer demand
- periodic review
- production process
- inventory systems
- single stage
- reinforcement learning
- lot sizing
- single item
- long run
- finite state
- sufficient conditions
- lot size
- initial state
- average cost
- expert systems
- supply chain
- customer service
- multi item
- lead time
- asymptotically optimal
- order quantity
- markov chain