KMS Of Academy of mathematics and systems sciences, CAS
OPTIMAL CONTROL POLICY FOR A BROWNIAN INVENTORY SYSTEM WITH CONCAVE ORDERING COST | |
Yao, Dacheng1; Chao, Xiuli2; Wu, Jingchen3 | |
2015-12-01 | |
发表期刊 | JOURNAL OF APPLIED PROBABILITY |
ISSN | 0021-9002 |
卷号 | 52期号:4页码:909-925 |
摘要 | In this paper we consider an inventory system with increasing concave ordering cost and average cost optimization criterion. The demand process is modeled as a Brownian motion. Porteus (1971) studied a discrete-time version of this problem and under the strong condition that the demand distribution belongs to the class of densities that are finite convolutions of uniform and/or exponential densities (note that normal density does not belong to this class), an optimal control policy is a generalized (s, 5) policy consisting of a sequence of (s(i), S-i). Using a lower bound approach, we show that an optimal control policy for the Brownian inventory model is determined by a single pair (s, S). |
关键词 | Brownian inventory system (s, S) policy concave ordering cost |
语种 | 英语 |
资助项目 | National Natural Science Foundation of China[11401566] ; National Natural Science Foundation of China[11101050] ; National Science Foundation[CMMI-1131249] ; National Science Foundation[CMMI-1362619] |
WOS研究方向 | Mathematics |
WOS类目 | Statistics & Probability |
WOS记录号 | WOS:000368467600001 |
出版者 | APPLIED PROBABILITY TRUST |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://ir.amss.ac.cn/handle/2S8OKBNM/21790 |
专题 | 应用数学研究所 |
通讯作者 | Yao, Dacheng |
作者单位 | 1.Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100190, Peoples R China 2.Univ Michigan, Dept Ind & Operat Engn, Ann Arbor, MI 48109 USA 3.Univ Michigan, Ann Arbor, MI 48109 USA |
推荐引用方式 GB/T 7714 | Yao, Dacheng,Chao, Xiuli,Wu, Jingchen. OPTIMAL CONTROL POLICY FOR A BROWNIAN INVENTORY SYSTEM WITH CONCAVE ORDERING COST[J]. JOURNAL OF APPLIED PROBABILITY,2015,52(4):909-925. |
APA | Yao, Dacheng,Chao, Xiuli,&Wu, Jingchen.(2015).OPTIMAL CONTROL POLICY FOR A BROWNIAN INVENTORY SYSTEM WITH CONCAVE ORDERING COST.JOURNAL OF APPLIED PROBABILITY,52(4),909-925. |
MLA | Yao, Dacheng,et al."OPTIMAL CONTROL POLICY FOR A BROWNIAN INVENTORY SYSTEM WITH CONCAVE ORDERING COST".JOURNAL OF APPLIED PROBABILITY 52.4(2015):909-925. |
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