Optimal Inventory Policies when the Demand Distribution Is Not Known
نویسندگان
چکیده
منابع مشابه
Optimal Inventory Policies when Purchase Price and Demand Are Stochastic
In this paper we consider the problem of a firm that faces a stochastic (Poisson) demand and must replenish from a market in which prices fluctuate, such as a commodity market. We describe the price evolution as a continuous stochastic process and we focus on commonly used processes suggested by the financial literature, such as the geometric Brownian motion and the Ornstein-Uhlenbeck process. ...
متن کاملOptimal Inventory Policies under Stochastic Production and Demand Rates
We consider a single stage production-inventory system whose production and demand rates are modulated by an environment process modeled as a finite state Continuous Time Markov Chain (CTMC). When the inventory level reaches zero, an order is placed from an external supplier, and it arrives instantaneously. We derive an Economic Order Quantity (EOQ ) policy that minimizes the long-run average c...
متن کاملOptimal Policies for Multiechelon Inventory Problems with Markov-Modulated Demand
This paper considers a multistage serial inventory system with Markov-modulated demand. Random demand arises at Stage 1, Stage 1 orders from Stage 2, etc., and Stage N orders from an outside supplier with unlimited stock. The demand distribution in each period is determined by the current state of an exogenous Markov chain. Excess demand is backlogged. Linear holding costs are incurred at every...
متن کاملCross-Language Phone Recognition when the Target Language Phoneme Inventory is not Known
Cross-language speech recognition often assumes a certain amount of knowledge about the target language. However, there are hundreds of languages where not even the phoneme inventory is known. In the work reported here, phone recognisers are evaluated on a cross-language task with minimum target knowledge. A phonetic distance measure is introduced for the evaluation, allowing a distance to be c...
متن کاملColor filters: When "optimal" is not optimal
It is well known that many more than three or four spectral measurements are required for accurate measurement of color. Previous work has shown seven to ten measurements can yield accurate results on average, but with significant numbers of errors above the threshold of obvious visual detection. Furthermore, the filters used for these measurements are very difficult to fabricate. We show that ...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2001
ISSN: 0022-0531
DOI: 10.1006/jeth.2000.2772