On the Optimality of Generalized (s, S) Policies

Evan L. Porteus
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Evan L. Porteus: Stanford University

Management Science, 1971, vol. 17, issue 7, 411-426

Abstract: A standard inventory model is examined with a concave increasing ordering cost function rather than simply a linear one with a setup cost. A generalized (s, S) policy is shown to be optimal in the n-period problem. A generalization of k-convex and quasi-convex functions to quasi-k-convex functions is required in the process. The probability densities of demand must be one-sided Pólya densities.

Date: 1971
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:17:y:1971:i:7:p:411-426

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