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Technical Note—An Adjustment to the Norman-White Approach to Approximating Dynamic Programs

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  • Evan L. Porteus

    (Stanford University, Stanford, California)

Abstract

This note considers an adjustment to the Norman-White approach of approximating stochastic dynamic problems by using expectations. The expectations are used only in approximating the transition mechanism. The original expected returns are left intact. The adjustment also involves eliminating the policy improvement step proposed by Norman and White. The approach appears to work surprising well on the examples considered. It may turn out to be a competitive practical approach to approximating solutions to the ( s , S ) inventory model.

Suggested Citation

  • Evan L. Porteus, 1979. "Technical Note—An Adjustment to the Norman-White Approach to Approximating Dynamic Programs," Operations Research, INFORMS, vol. 27(6), pages 1203-1208, December.
    • Handle: RePEc:inm:oropre:v:27:y:1979:i:6:p:1203-1208
    DOI: 10.1287/opre.27.6.1203
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    Cited by:

    1. Kilic, Onur A. & Tarim, S. Armagan, 2024. "A simple heuristic for computing non-stationary inventory policies based on function approximation," European Journal of Operational Research, Elsevier, vol. 316(3), pages 899-905.

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