Computing Optimal (s, S) Inventory Policies

Arthur F. Veinott, Jr. and Harvey M. Wagner
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Arthur F. Veinott, Jr.: Stanford University
Harvey M. Wagner: Stanford University

Management Science, 1965, vol. 11, issue 5, 525-552

Abstract: A complete computational approach for finding optimal (s, S) inventory policies is developed. The method is an efficient and unified approach for all values of the model parameters, including a non-negative set-up cost, a discount factor 0 \leqq \alpha \leqq 1, and a lead time. The method is derived from renewal theory and stationary analysis, generalized to permit the unit interval range of values for \alpha . Careful attention is given to the problem associated with specifying a starting condition (when \alpha

Date: 1965
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