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Some Stochastic Inventory Models for Rental Situations

Author

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  • M. Tainiter

    (Thomas J. Watson Research Center, IBM Corporation)

Abstract

Some stochastic models are analyzed which describe the time fluctuations of the inventory levels of companies which are in the rental business. The stochastic process which describes the fluctuations is shown to be applicable to a wide variety of physical situations. Examples are given, and analyses are made of several types of profit functions which are applicable to rental situations.

Suggested Citation

  • M. Tainiter, 1964. "Some Stochastic Inventory Models for Rental Situations," Management Science, INFORMS, vol. 11(2), pages 316-326, November.
    • Handle: RePEc:inm:ormnsc:v:11:y:1964:i:2:p:316-326
    DOI: 10.1287/mnsc.11.2.316
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    Citations

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    Cited by:

    1. Apurva Jain & Kamran Moinzadeh & Aussadavut Dumrongsiri, 2015. "Priority Allocation in a Rental Model with Decreasing Demand," Manufacturing & Service Operations Management, INFORMS, vol. 17(2), pages 236-248, May.
    2. Felix Papier & Ulrich W. Thonemann, 2008. "Queuing Models for Sizing and Structuring Rental Fleets," Transportation Science, INFORMS, vol. 42(3), pages 302-317, August.
    3. Bitran, Gabriel R. & Leong, Thin-Yin., 1989. "Hotel sales and reservations planning," Working papers 3108-89., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    4. Leonardo D. Epstein & Eduardo González & Abdón Sepúlveda, 2020. "Optimal size of a rental inventory with items available from a secondary source: a model with non-stationary probabilities," Annals of Operations Research, Springer, vol. 286(1), pages 371-390, March.
    5. Vincent W. Slaugh & Bahar Biller & Sridhar R. Tayur, 2016. "Managing Rentals with Usage-Based Loss," Manufacturing & Service Operations Management, INFORMS, vol. 18(3), pages 429-444, July.
    6. Eduardo González & Leonardo Epstein & Verónica Godoy, 2012. "Optimal number of bypasses: minimizing cost of calls to wireless phones under Calling Party Pays," Annals of Operations Research, Springer, vol. 199(1), pages 179-191, October.
    7. Belleh Fontem, 2022. "An optimal stopping policy for car rental businesses with purchasing customers," Annals of Operations Research, Springer, vol. 317(1), pages 47-76, October.
    8. Eduardo González & Leonardo Epstein, 2015. "Minimum cost in a mix of new and old reusable items: an application to sizing a fleet of delivery trucks," Annals of Operations Research, Springer, vol. 232(1), pages 135-149, September.
    9. Mohammad Firouz & Linda Li & Burcu B. Keskin, 2022. "Managing equipment rentals: Unreliable fleet, impatient customers, and finite commitment capacity," Production and Operations Management, Production and Operations Management Society, vol. 31(11), pages 3963-3981, November.

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