Developing a closed-form cost expression for an (R,s,nQ) policy where the demand process is compound generalized Erlang Logistics/SCM Research Group 1 Developing a closed-form cost expression for an (R,s,nQ) policy where the demand process is compound generalized Erlang Abstract We derive a closed-form cost expression for an (R,s,nQ) inventory control policy where all replenishment orders have ...

This paper presents the new mathematical model for determining the optimal ordering policy for industrial and commercial companies. In the previous research, the numerous inventory models under inflationary conditions have been developed. In these models, the demand rate, usually, has been considered constant and well known, time-varying, stock dependent or price-dependent. But, the demand rate...

APPROXIMATION OF THE KEYNESIAN MULTIPLIER EMBEDDED IN GHH PREFERENCES. — In a model with GHH preferences, the labor wedge determines the local output multiplier with respect to demand shocks. This result was obtained by Auclert and Rognlie (2017), and in this appendix it is restated in the context of the current paper. To see why the labor wedge is important, note that holding rt+1 (controlled ...

In a real-time electric power auction, the bids of producers consist of committed supply as a function of price. The bids are submitted under uncertainty, before the demand by the Independent System Operator has been realized. In the Supply Function Equilibrium (SFE), every producer chooses the supply function maximizing his expected profit given his residual demand. I consider a uniform-price ...

Classical deterministic inventory models consider the demand rate to be either constant or time-dependent but independent from the stock status. However, for a certain type of inventory, the demand rate may be in-fluenced by the stock level. Also in many real-life problems, some products such as fruits, vegetables, phar-maceuticals and volatile liquids continuously deteriorate to evaporation, o...

This paper considers a congested bottleneck. A fast lane reserves a more than proportional share of capacity to a designated group of travellers. Travellers are otherwise identical and other travellers can use the reserved capacity when it would otherwise be idle. The paper shows that such a fast lane is always Pareto improving under Nash equilibrium in arrival times at the bottleneck and inela...

We consider a failure-prone manufacturing system with bursty demand arrivals. We prove that the hedging-point policy is optimal for this problem and provide analytical expressions to compute the hedging point. This allows us to compare our exact results to approximations provided by diiusion limits and large deviations. We also show that our result leads to the solution for the constant demand ...

This paper addresses the inventory penalty pricing problem under risk-neutral valuation principle. In particular, we consider an inventory driven by a constant replenishment rate and compound renewal demand stream (iid demand inter-arrival time and iid demand quantity), and subject to overage penalties and underage penalties. Our solution approach treats the inventory penalties of overage and u...