An asymptotic approach for a semi‐Markovian inventory model of type (s, S)

Tahir Khaniyev, Ali Kokangul and Rovshan Aliyev

Applied Stochastic Models in Business and Industry, 2013, vol. 29, issue 5, 439-453

Abstract: In this study, we constructed a stochastic process (X(t)) that expresses a semi‐Markovian inventory model of type (s, S) and it is shown that this process is ergodic under some weak conditions. Moreover, we obtained exact and asymptotic expressions for the nth order moments (n = 1,2,3, … ) of ergodic distribution of the process X(t), as S − s → ∞ . Finally, we tested how close the obtained approximation formulas are to the exact expressions. Copyright © 2012 John Wiley & Sons, Ltd.

Date: 2013
References: Add references at CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1002/asmb.1918

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wly:apsmbi:v:29:y:2013:i:5:p:439-453

Access Statistics for this article

More articles in Applied Stochastic Models in Business and Industry from John Wiley & Sons
Bibliographic data for series maintained by Wiley Content Delivery ().