Optimal Continuous Review Policies for Two Product Inventory Systems with Joint Setup Costs

Edward Ignall
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Edward Ignall: Columbia University

Management Science, 1969, vol. 15, issue 5, 278-283

Abstract: Minimum average cost ordering policies for continuously reviewed two product inventory systems with joint setup costs are sought. Disappointly, the optimal policy, even in a simple symmetric case, is not always simple: For some values of cost and demand parameters, a policy that would be difficult to implement is optimal. Markov Renewal Programming is used to find the region in parameter space where a given policy is optimal.

Date: 1969
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