Optimal dynamic procurement policies for a storable commodity with Lévy prices and convex holding costs.
Maria B. ChiarollaGiorgio FerrariGabriele StabilePublished in: Eur. J. Oper. Res. (2015)
Keyphrases
- holding cost
- expected cost
- asymptotically optimal
- arrival rate
- long run
- total cost
- lead time
- average cost
- setup cost
- infinite horizon
- high volume
- lost sales
- single item
- heavy traffic
- single server
- finite state
- inventory models
- cost function
- production cost
- periodic review
- optimal solution
- inventory policy
- stochastic demand
- pricing strategies
- inventory systems
- finite horizon
- markov decision process
- optimal control