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An inventory depletion problem with random and age‐dependent lifetimes

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  • Daniel Thorburn

Abstract

The following problem is studied. The units of an inventory are used one by one until all have failed. Their lifetimes decrease with their ages, when they are taken out of the inventory. An item of age a is supposed to have a lifetime Y exp(‐a), where Y is a random variable which does not depend on a. It is shown that in order to maximize the total lifetime the items should be taken according to the LIFO principle. This is shown for a certain class of distributions of Y. This class includes the exponential and the Pareto distributions.

Suggested Citation

  • Daniel Thorburn, 1978. "An inventory depletion problem with random and age‐dependent lifetimes," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 25(3), pages 395-404, September.
    • Handle: RePEc:wly:navlog:v:25:y:1978:i:3:p:395-404
    DOI: 10.1002/nav.3800250303
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