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Optimal control of the production–inventory system with deteriorating items and tradable emission permits

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  • Shoude Li

Abstract

Using the well-known Arrow and Karlin (1958) dynamic production–inventory model and the model with tradable emission permits which was presented by Dobos (2005, 2007), we develop a model of the production–inventory system with deteriorating items and tradable emission permits. The objective of this paper is to apply the optimal control theory to solve the production–inventory problem with deteriorating items and tradable emission permits, and derive the optimal inventory level and the optimal production rate that minimise the total cost. The results are discussed with a numerical example and a sensitivity analysis of the optimal solution with respect to the parameters of the production–inventory system is carried out.

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  • Shoude Li, 2014. "Optimal control of the production–inventory system with deteriorating items and tradable emission permits," International Journal of Systems Science, Taylor & Francis Journals, vol. 45(11), pages 2390-2401, November.
    • Handle: RePEc:taf:tsysxx:v:45:y:2014:i:11:p:2390-2401
    DOI: 10.1080/00207721.2013.770103
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    Cited by:

    1. Heibatolah Sadeghi & Hêriş Golpîra & Faicel Hnaien & Cosimo Magazzino, 2023. "Pricing-inventory model with discrete demand and delivery orders," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 33(3), pages 119-139.

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