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Infinite horizon optimal policy for an inventory system with two types of product sharing common hardware platforms |
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| Authors: | Mabel C. Chou Chee-Khian Sim Xue-Ming Yuan |
| Affiliation: | 1. Department of Decision Sciences, NUS Business School, Mochtar Riady Building, BIZ 1 8-66, 15 Kent Ridge Drive, Singapore 119245, Singapore;2. Department of Mathematics, University of Portsmouth, Lion Gate Building, Lion Terrace, Portsmouth, PO1 3HF, United Kingdom |
| Abstract: | We consider a periodic review inventory system and present its optimal policy in the infinite horizon setting. The optimal inventory policy that maximizes the infinite horizon expected discounted profit for the model is analytically obtained by relating to the finite horizon setting using results from variational analysis. Results are provided that elucidate the operations of the inventory system in the long run. |
| Keywords: | Dynamic programming Inventory control Lateral transshipment Optimal policy Variational analysis |
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