Application of Average Dynamic Programming to Inventory Systems

We show the existence of average cost (AC-) optimal policy for an inventory system with uncountable state space; in fact, the AC-optimal cost and an AC-optimal stationary policy are explicitly computed. In order to do this, we use a variant of the vanishing discount factor approach, which has been intensively studied in recent years, but the available results [do] not cover the inventory problem we are interested in

Year of publication:	1998
Authors:	Vega-Amaya, Oscar ; Montes-de-Oca, Raúl
Publisher:	[S.l.] : SSRN
Subject:	Dynamische Optimierung \| Dynamic programming \| Theorie \| Theory \| Lagerhaltungsmodell \| Inventory model \| Kosten \| Costs
Description of contents:	Abstract [papers.ssrn.com]

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