An Efficient Optimal Solution Method for the Joint Replenishment Problem

Rommert Dekker, Hans Frenk and Ralph Wildeman

No EI 9542-/A, Econometric Institute Research Papers from Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute

Abstract: During the last two decades, many heuristic procedures for the joint replenishment problem have appeared in the literature. The only available optimal solution procedure was based on an enumerative approach and was computationally prohibitive. In this paper we present an alternative optimal approach based on global optimisation theory. By applying Lipschitz optimisation one can find a solution with an arbitrarily small deviation from an optimal value. An efficient procedure is presented which uses a dynamic Lipschitz constant and generates a solution in little time. The running time of this procedure grows only linearly in the number of items.

Keywords: Lipschitz optimisation; global optimisation; inventory; joint replenishment; multi-item (search for similar items in EconPapers)
Date: 1995-01-01
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Journal Article: An efficient optimal solution method for the joint replenishment problem (1997)
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Persistent link: https://EconPapers.repec.org/RePEc:ems:eureir:1359

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