Single item inventory models

Emö Bazsa-Oldenkamp and P. den Iseger

No EI 2002-46, Econometric Institute Research Papers from Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute

Abstract: This paper extends a fundamental result about single-item inventory systems. This approach allows more general performance measures, demand processes and order policies, and leads to easier analysis and implementation, than prior research. We obtain closed form expressions for the Laplace transforms of the expressions of the performance measures, and with the help of an efficient inversion algorithm, the approximations of these cost and service measures are almost up to machine precision.

Date: 2003-07-04
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