Some Results on Bellman Equations of Optimal Production Control in a Stochastic Manufacturing System

Azizul Baten and Anton Abdulbasah Kamil

Journal of Probability and Statistics, 2009, vol. 2009, 1-23

Abstract:

The paper studies the production inventory problem of minimizing the expected discounted present value of production cost control in a manufacturing system with degenerate stochastic demand. We establish the existence of a unique solution of the Hamilton-Jacobi-Bellman (HJB) equations associated with this problem. The optimal control is given by a solution to the corresponding HJB equation.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnljps:370217

DOI: 10.1155/2009/370217

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