Optimal Policies for Brownian Inventory Systems With a Piecewise Linear Ordering Cost

doi:10.1109/TAC.2016.2626790

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	Optimal Policies for Brownian Inventory Systems With a Piecewise Linear Ordering Cost
	Yao, Dacheng1 ; Chao, Xiuli 2; Wu, Jingchen 3
	2017-07-01
发表期刊	IEEE TRANSACTIONS ON AUTOMATIC CONTROL
ISSN	0018-9286
卷号	62 期号:7 页码:3235-3248
摘要	We 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.
关键词	Brownian inventory system general ordering cost optimal control (s, S) policy singular control policy
DOI	10.1109/TAC.2016.2626790
语种	英语
资助项目	National Natural Science Foundation of China[11401566] ; NSF[CMMI-1131249] ; NSF[CMMI-1362619]
WOS研究方向	Automation & Control Systems ; Engineering
WOS类目	Automation & Control Systems ; Engineering, Electrical & Electronic
WOS记录号	WOS:000404299300010
出版者	IEEE-INST ELECTRICAL ELECTRONICS ENGINEERS INC
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/25840
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, Math Dept, Ann Arbor, MI 48109 USA
推荐引用方式 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.