Application of average dynamic programming to inventory systems

We show the existence ofaverage cost (AC-) optimal policy for an inventory system withuncountable state space; in fact, the AC-optimal cost and an AC-optimal stationary policy areexplicitly computed. In order to do this, we use a variant of thevanishing discount factor approach, which have been intensively studied in recent years but the available results not cover the inventory problem we are interested in. Copyright Physica-Verlag 1998

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Year of publication:	1998
Authors:	Vega-Amaya, Oscar ; Montes-de-Oca, Raúl
Published in:	Computational Statistics. - Springer. - Vol. 47.1998, 3, p. 451-471
Publisher:	Springer
Subject:	Dynamic programming \| discrete-time Markov control processes \| average cost \| unbounded costs and controls \| inventory systems

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010847854