Inventory Models with Markovian Demands and Cost Functions of Polynomial Growth
نویسندگان
چکیده
This paper studies stochastic inventory problems with unbounded Markovian demands, ordering costs that are lower semicontinuous, and inventory/backlog (or surplus) costs that are lower semicontinuous with polynomial growth. Finite horizon problems, stationary and nonstationary discounted cost in nite horizon problems, and stationary long-run average cost problems are addressed. Existence of optimal Markov or feedback policies is established. Furthermore, optimality of (s; S)-type policies is proved when in addition the ordering cost consists of xed and proportional cost components and the surplus cost is convex.
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