Discounted production scheduling and employment smoothing

Steven A. Lippman and John S. C. Yuan

Naval Research Logistics Quarterly, 1969, vol. 16, issue 1, 93-110

Abstract: We consider the problem of minimizing the sum of production, employment smoothing, and inventory costs over a finite number of time periods where demands are known. The fundamental difference between our model and that treated in [1] is that here we permit the smoothing cost to be nonstationary, thereby admitting a model with discounting. We show that the values of the instrumental variables are nondecreasing in time when demands are nondecreasing. We also derive some asymptotic properties of optimal policies.

Date: 1969
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Persistent link: https://EconPapers.repec.org/RePEc:wly:navlog:v:16:y:1969:i:1:p:93-110

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