Parameter estimation for the EOQ lot‐size model: Minimax and expected value choices

Timothy J. Lowe and Leroy B. Schwarz

Naval Research Logistics Quarterly, 1983, vol. 30, issue 2, 367-376

Abstract: This article provides formulas for estimating the parameters to be used in the basic EOQ lot‐size model. The analysis assumes that the true values of these parameters are unknown over known ranges and perhaps nonstationary over time. Two measures of estimator “goodness” are derived from EOQ sensitivity analysis. Formulas are given for computing the minimax choice and the minimum expected value choice for the parameter estimates using both measures of estimator “goodness”. A numerical example is included.

Date: 1983
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://doi.org/10.1002/nav.3800300217

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:navlog:v:30:y:1983:i:2:p:367-376

Access Statistics for this article

More articles in Naval Research Logistics Quarterly from John Wiley & Sons
Bibliographic data for series maintained by Wiley Content Delivery ().