Optimal Ordering Policy for Inventory Systems with Quantity-Dependent Setup Costs

doi:10.1287/moor.2016.0833

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	Optimal Ordering Policy for Inventory Systems with Quantity-Dependent Setup Costs
	He, Shuangchi 1; Yao, Dacheng2 ; Zhang, Hanqin 3
	2017-11-01
发表期刊	MATHEMATICS OF OPERATIONS RESEARCH
ISSN	0364-765X
卷号	42 期号:4 页码:979-1006
摘要	We consider a continuous-review inventory system in which the setup cost of each order is a general function of the order quantity and the demand process is modeled as a Brownian motion with a positive drift. Assuming the holding and shortage cost to be a convex function of the inventory level, we obtain the optimal ordering policy that minimizes the long-run average cost by a lower bound approach. To tackle some technical issues in the lower bound approach under the quantity-dependent setup cost assumption, we establish a comparison theorem that enables one to prove the global optimality of a policy by examining a tractable subset of admissible policies. Since the smooth pasting technique does not apply to our Brownian inventory model, we also propose a selection procedure for computing optimal policy parameters when the setup cost is a step function.
关键词	stochastic inventory model quantity-dependent setup cost (s, S) policy base stock policy impulse control instantaneous control
DOI	10.1287/moor.2016.0833
语种	英语
资助项目	MOE AcRF[R-266-000-086-112] ; NUS Global Asia Institute[R-716-000-006-133] ; National Natural Science Foundation of China[11401566]
WOS研究方向	Operations Research & Management Science ; Mathematics
WOS类目	Operations Research & Management Science ; Mathematics, Applied
WOS记录号	WOS:000414320800004
出版者	INFORMS
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/26860
专题	应用数学研究所
通讯作者	He, Shuangchi
作者单位	1.Natl Univ Singapore, Dept Ind & Syst Engn, Singapore 117576, Singapore 2.Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100190, Peoples R China 3.Natl Univ Singapore, Dept Decis Sci, Singapore 119245, Singapore
推荐引用方式 GB/T 7714	He, Shuangchi,Yao, Dacheng,Zhang, Hanqin. Optimal Ordering Policy for Inventory Systems with Quantity-Dependent Setup Costs[J]. MATHEMATICS OF OPERATIONS RESEARCH,2017,42(4):979-1006.
APA	He, Shuangchi,Yao, Dacheng,&Zhang, Hanqin.(2017).Optimal Ordering Policy for Inventory Systems with Quantity-Dependent Setup Costs.MATHEMATICS OF OPERATIONS RESEARCH,42(4),979-1006.
MLA	He, Shuangchi,et al."Optimal Ordering Policy for Inventory Systems with Quantity-Dependent Setup Costs".MATHEMATICS OF OPERATIONS RESEARCH 42.4(2017):979-1006.