Optimality conditions for regenerative inventory systems under batch demands

Izzet Sahin

Applied Stochastic Models and Data Analysis, 1988, vol. 4, issue 3, 173-183

Abstract: We consider a single‐item, continuous‐review, (s, S) inventory system, under complete backlogging and a constant procurement lead time. Demands occur in independent, identically distributed batches, separated by independent identically distributed intervals. The model also includes a class of periodic review systems as a special case. Of interest are the optimal control policies with respect to a stationary cost rate function, constructed to include ordering, holding and shortage costs. We study the structural properties of the cost rate function and report some new bounds and optimality conditions. An application of these to the computation and approximation of optimal policies is also discussed.

Date: 1988
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Persistent link: https://EconPapers.repec.org/RePEc:wly:apsmda:v:4:y:1988:i:3:p:173-183

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