This paper extends a fundamental result about single-item inventory systems. This approach allows more general performance measures, demand processes and order policies, and leads to easier analysis and implementation, than prior research. We obtain closed form expressions for the Laplace...

In this paper we will discuss a general framework for single item inventory models based on the theory of regenerative processes. After resenting without proof the main theorems for regenerative processes we analyze in detail how the different single item models can be embedded within this...

In this paper we will discuss a general framework for single item inventory models based on the theory of regenerative processes. After resenting without proof the main theorems for regenerative processes we analyze in detail how the different single item models can be embedded within this...

The paper deals with a special type of inventory model with a one-shot supply and with a random demand in a certain period. In the paper, formulas for determination of the optimal one-shot supply are derived in the case both continuous and discrete random demand. This optimal supply ensures the...

Traditional inventory models focus on risk-neutral decision makers, i.e., characterizing replenishment strategies that maximize expected total profit, or equivalently, minimize expected total cost over a planning horizon. In this paper, we propose a framework for incorporating risk aversion in...

We extend the Baumol-Tobin cash inventory model to a dynamic environment, which allows for the possibility of withdrawing cash at random times at a low cost. This modification captures developments in withdrawal technology, such as the increasing diffusion of bank branches and ATM terminals. We...

We develop a competitive pricing model which combines the complexity of time-varying demand and cost functions and that of scale economies arising from dynamic lot sizing costs. Each firm can replenish inventory in each of the T periods into which the planing horizon is partitioned. Fixed as...

We consider a family of N items which are produced in or obtained from the same production facility. Demands are deterministic for each item and each period within a given horizon of T periods. If in a given period an order is placed, setup costs are incurred. The aggregate order size is...

This paper conducts a probabilistic analysis of an important class of heuristics for multiitem capacitated lot sizing problems. We characterize the asymptotic performance of so-called progressive interval heuristics as T, the length of the planning horizon, goes to infinity, assuming the data...

Advances in transaction technology allow agents to economize on the cost of cash management. We argue that accounting for the impact of new transaction technologies on currency holding behaviour is important to obtain theoretically consistent estimates of the demand for money. We modify a...