Average Cost Optimality in Inventory Models with Markovian Demands

This paper is concerned with long-run average cost minimization of a stochastic inventory problem with Markovian demand, fixed ordering cost, and convex surplus cost. The states of the Markov chain represent different possible states of the environment. Using a vanishing discount approach, a dynamic programming equation and the corresponding verification theorem are established. Finally, the existence of an optimal state-dependent (s, S) policy is proved

Year of publication:	2017
Authors:	Beyer, Dirk ; Sethi, Suresh
Publisher:	[S.l.] : SSRN
Subject:	Lagerhaltungsmodell \| Inventory model \| Theorie \| Theory \| Markov-Kette \| Markov chain

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