On the control of a generalized storage model |
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Authors: | S W Woolford |
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Institution: | (1) Department of Mathematical Sciences, Worcester Polytechnic Institute, Worcester, Massachusetts |
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Abstract: | A finite-capacity storage model is considered. The random inputs (negative inputs represent demands) are of various types, determined by a Markov chain, and occur at discrete times. Under suitable assumptions on the costs involved, including a penalty cost for unmet demand, an optimal control policy is determined for the releases from the storage facility, when operated over a finite horizon. Stationary control policies for the unbounded horizon are also determined and conditions for their optimality are discussed. Finally, a few simple examples are considered.The author would like to acknowledge the constructive comments of the referee, which led to an improved exposition of the present paper. |
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Keywords: | Storage model control policy finite horizon unbounded horizon unmet demand |
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