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Optimal Policies for Brownian Inventory Systems With a Piecewise Linear Ordering Cost
Yao, Dacheng1; Chao, Xiuli2; Wu, Jingchen3
2017-07-01
Source PublicationIEEE TRANSACTIONS ON AUTOMATIC CONTROL
ISSN0018-9286
Volume62Issue:7Pages:3235-3248
AbstractWe consider a stochastic inventory system with general piecewise linear ordering cost. The cumulative demand is modeled as a Brownian motion process. The ordering cost function is neither convex nor concave; it may not be monotone; and it is not even necessarily continuous, and it includes most ordering cost functions studied in the literature, e.g., economies-of-scale or dis-economies of scale, all-unit discount or incremental discount, and multiple setup costs, as special cases. In addition to ordering cost, the system incurs the usual holding/shortage cost, and the objective is to minimize the average system cost per unit of time. Despite the complexity in the ordering cost function, we show that an optimal control policy is very simple: it is either an (s, S) policy or a one-sided singular control policy.
KeywordBrownian inventory system general ordering cost optimal control (s, S) policy singular control policy
DOI10.1109/TAC.2016.2626790
Language英语
Funding ProjectNational Natural Science Foundation of China[11401566] ; NSF[CMMI-1131249] ; NSF[CMMI-1362619]
WOS Research AreaAutomation & Control Systems ; Engineering
WOS SubjectAutomation & Control Systems ; Engineering, Electrical & Electronic
WOS IDWOS:000404299300010
PublisherIEEE-INST ELECTRICAL ELECTRONICS ENGINEERS INC
Citation statistics
Cited Times:3[WOS]   [WOS Record]     [Related Records in WOS]
Document Type期刊论文
Identifierhttp://ir.amss.ac.cn/handle/2S8OKBNM/25840
Collection应用数学研究所
Affiliation1.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, Math Dept, Ann Arbor, MI 48109 USA
Recommended Citation
GB/T 7714
Yao, Dacheng,Chao, Xiuli,Wu, Jingchen. Optimal Policies for Brownian Inventory Systems With a Piecewise Linear Ordering Cost[J]. IEEE TRANSACTIONS ON AUTOMATIC CONTROL,2017,62(7):3235-3248.
APA Yao, Dacheng,Chao, Xiuli,&Wu, Jingchen.(2017).Optimal Policies for Brownian Inventory Systems With a Piecewise Linear Ordering Cost.IEEE TRANSACTIONS ON AUTOMATIC CONTROL,62(7),3235-3248.
MLA Yao, Dacheng,et al."Optimal Policies for Brownian Inventory Systems With a Piecewise Linear Ordering Cost".IEEE TRANSACTIONS ON AUTOMATIC CONTROL 62.7(2017):3235-3248.
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