Application of average dynamic programming to inventory systems |
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| Authors: | Oscar Vega-Amaya Raúl Montes-de-Oca |
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| Institution: | (1) Departamento de Matemáticas, Universidad de Sonora, Blvd. Transversal y Rosales s/n, Hermosillo, Sonora, México;(2) Departamento de Matemáticas, Universidad Autónoma Metropolitana, Unidad Iztapalapa, A. Postal 55534, 09340 México D.F., Mexico |
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| Abstract: | We show the existence ofaverage cost (AC-) optimal policy for an inventory system withuncountable state space; in fact, the AC-optimal cost and an AC-optimal stationary policy areexplicitly computed. In order to do this, we use a variant of thevanishing discount factor approach, which have been intensively studied in recent years but the available results not cover the inventory problem we are interested in.The work of the first author (OVA) was partially supported by Fondo del Sistema de Investigación del Mar de Cortéz under grant SIMAC/94/CT-005. The work of the second author (RMdO) was partially supported by Consejo Nacional de Ciencia y Tecnologia (CONACyT) under grant 0635P-E9506. |
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| Keywords: | Dynamic programming discrete-time Markov control processes average cost unbounded costs and controls inventory systems |
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