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Optimal periodic replenishment policies for spectrally positive L��vy demand processes
- Publication Year :
- 2018
- Publisher :
- arXiv, 2018.
-
Abstract
- We consider a version of the stochastic inventory control problem for a spectrally positive L��vy demand process, in which the inventory can only be replenished at independent exponential times. We show the optimality of a periodic barrier replenishment policy that restocks any shortage below a certain threshold at each replenishment opportunity. The optimal policies and value functions are concisely written in terms of the scale functions. Numerical results are also provided.<br />27 pages, 3 figures. Forthcoming in SIAM Journal on Control and Optimization
Details
- Database :
- OpenAIRE
- Accession number :
- edsair.doi...........1fe99cf66f51790e3d62ee4966058e6c
- Full Text :
- https://doi.org/10.48550/arxiv.1806.09216