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Pareto‐optimality in classical inventory problems

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  • J. Puerto
  • F.R. Fernández

Abstract

In this paper the inventory problem with backorders both deterministic and stochastic is studied using trade‐off analysis in the context of vector optimization theory. The set of Pareto‐optimal solutions is geometrically characterized in both the constrained and unconstrained cases. Moreover, a new way of utilizing Pareto‐optimality concepts to handle classical inventory problems with backorders is derived. A new analysis of these models is done by means of a trade‐off analysis. New solutions are shown, and an error bound for total inventory cost is provided. Other models such as multi‐item or stochastic lead‐time demand inventory problems are addressed and their Pareto‐optimal solution sets are obtained. An example is included showing the additional applicability of this kind of analysis to handle parametric problems. © 1998 John Wiley & Sons, Inc. Naval Research Logistics 45: 83–98, 1998

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  • J. Puerto & F.R. Fernández, 1998. "Pareto‐optimality in classical inventory problems," Naval Research Logistics (NRL), John Wiley & Sons, vol. 45(1), pages 83-98, February.
    • Handle: RePEc:wly:navres:v:45:y:1998:i:1:p:83-98
    DOI: 10.1002/(SICI)1520-6750(199802)45:13.0.CO;2-H
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    Cited by:

    1. Ting-Chen Hu & Kuo-Chen Hung & Kuo-Lung Yang, 2019. "The Convergence of Gallego’s Iterative Method for Distribution-Free Inventory Models," Mathematics, MDPI, vol. 7(5), pages 1-10, May.

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