The Basic Multiperiod Dynamic Model

Steven Nahmias ()
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Steven Nahmias: Santa Clara University

Chapter Chapter 2 in Perishable Inventory Systems, 2011, pp 9-14 from Springer

Abstract: Abstract Chapter 1 outlined an approach for constructing a single-period newsvendor-type model that explicitly accounts for future outdating of the current order. In this chapter, we present the extension of this one-period model to a finite horizon dynamic model. We present only the general m-period lifetime case, but the reader may be interested in reviewing the simpler case for m = 2, as this requires only a single-dimensional state variable.

Keywords: Optimal Policy; Planning Horizon; Optimal Order; Optimal Order Quantity; Negative Exponential Distribution (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isochp:978-1-4419-7999-5_2

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DOI: 10.1007/978-1-4419-7999-5_2

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