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Inventory control and regenerative processes

Author

Listed:
  • Bazsa-Oldenkamp, E.M.
  • Frenk, J.B.G.
  • den Iseger, P.

Abstract

In this paper we will discuss a general framework for single item inventory models based on the theory of regenerative processes. After resenting without proof the main theorems for regenerative processes we analyze in detail how the different single item models can be embedded within this general theory. This facilitates to write down the expressions for the average cost associated with an arbitrary costrate function f. Since these expressions are still complicated, involving convolutions, we use a recently developed numerically stable Laplace inversion algorithm to compute these objective functions in MATLAB. This enables us to compute the exact costs instead of using approximations.

Suggested Citation

  • Bazsa-Oldenkamp, E.M. & Frenk, J.B.G. & den Iseger, P., 1998. "Inventory control and regenerative processes," Econometric Institute Research Papers EI 9848, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    • Handle: RePEc:ems:eureir:1527
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    Cited by:

    1. Frenk, J.B.G. & Schaible, S., 2004. "Fractional Programming," Econometric Institute Research Papers ERS-2004-074-LIS, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    2. Frenk, J.B.G. & Schaible, S., 2004. "Fractional Programming," ERIM Report Series Research in Management ERS-2004-074-LIS, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.

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