We consider a make-to-stock, finite-capacity production system with setup cost and delay-sensitive customers. To balance the setup and inventory related costs, the production manager adopts a two-critical-number control policy, where the production starts when the number of waiting customers...

Разработан новый подход к решению полиномиальных по состоянию задач оптимального управления с терминальными ограничениями. Предлагаемый метод обеспечивает...

This paper introduces recent developments in the analysis of inventory systems with partial observations. The states of these systems are typically conditional distributions, which evolve in infinite dimensional spaces over time. Our analysis involves introducing unnormalized probabilities to...

Dynamic optimization is widely used in financial economics, macroeconomics and resource economics. This is accounting for some friction between the undergraduate and graduate teaching of economics because most undergraduate programs still concentrate on static economic analysis. This paper shows...

This paper deals with a manufacturing system consisting of a single machine subject to random failures and repairs. The machine can produce two types of parts. When the production is switched from one part type to the other a random setup time is incurred at a constant cost rate. The objective...