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On a Conjecture of Iglehart

Arie Hordijk and Henk Tijms

Management Science, 1975, vol. 21, issue 11, 1342-1345

Abstract: This paper gives an elementary proof of Iglehart's conjecture about the classical dynamic inventory model. This conjecture states that the minimal total expected cost for a planning horizon of n periods minus n times the minimal long-run average expected cost per period has a finite limit as n -> \infty for each initial stock.

Date: 1975
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Handle: RePEc:inm:ormnsc:v:21:y:1975:i:11:p:1342-1345