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Discount Cost Models with Polynomially Growing Surplus Cost

In: Markovian Demand Inventory Models

Author

Listed:
  • Dirk Beyer

    (M-Factor)

  • Feng Cheng

    (Office of Performance Analysis and Strategy)

  • Suresh P. Sethi

    (The University of Texas at Dallas)

  • Michael Taksar

    (University of Missouri)

Abstract

This chapter studies stochastic inventory problems with unbounded Markovian demands and more general costs than those considered in Chapter 2. Finite horizon problems, as well as stationary and nonstationary discounted cost infinite horizon problems, are addressed. Existence of optimal Markov or feedback policies is established with Markovian demand: unbounded, ordering costs that are l.s.c., and surplus costs that are l.s.c. with polynomial growth. Furthermore, optimality of (s, S)-type policies is proved when the ordering cost consists of fixed and proportional cost components and the surplus cost is convex.

Suggested Citation

  • Dirk Beyer & Feng Cheng & Suresh P. Sethi & Michael Taksar, 2010. "Discount Cost Models with Polynomially Growing Surplus Cost," International Series in Operations Research & Management Science, in: Markovian Demand Inventory Models, chapter 0, pages 41-58, Springer.
    • Handle: RePEc:spr:isochp:978-0-387-71604-6_3
    DOI: 10.1007/978-0-387-71604-6_3
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