A Note on the Optimality of (S, s) Policies in Inventory Theory

Edward Zabel
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Edward Zabel: The University of Rochester

Management Science, 1962, vol. 9, issue 1, 123-125

Abstract: In this paper a proof of Herbert Scarf's on the optimality of (S, s) policies in inventory theory is extended to cases where differentiability of cost functions may not be available. In addition to an ordering cost composed of a unit cost plus a reorder cost all that is needed in the proof is that the expected holding and shortage cost function be convex.

Date: 1962
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:9:y:1962:i:1:p:123-125

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