Business environments change over time. They are cyclic, show seasonality or just evolve over time. This is certainly true for customer demand. As a result, stationary demand distributions are crude approximations of true customer behavior at best. Yet, most classical stochastic inventory models...

What is Optimal Control Theory? -- The Maximum Principle: Continuous Time -- The Maximum Principle: Mixed Inequality Constraints -- The Maximum Principle: General Inequality Constraints -- Applications to Finance -- Applications to Production and Inventory -- Applications to Marketing -- The...

We consider an e-tailer's upstream supplier who wants to encroach into retailing to earn additional revenue. The supplier needs to decide whether or not to enter the retail market by either selling to consumers on an e-tailer's platform by paying commission fees (agency encroachment) or opening...