Note on Program Uncertainty in the Dynamic Programming Problem

In this note we study the dynamic inventory problem for a follow-on provisioning in which the program length is subject to uncertainty with a known distribution. It is shown that under rather general cost conditions, the optimal policy is of the (S, s) type. This is true whether or not there exists...

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Veröffentlicht in:Econometrica Jg. 30; H. 2; S. 336 - 342
1. Verfasser: Kao, Richard C.
Format: Journal Article
Sprache:Englisch
Veröffentlicht: Menasha, Wis The Econometric Society 01.04.1962
George Banta Pub. Co. for the Econometric Society
Blackwell Publishing Ltd
Schlagworte:
Cost efficiency
Costs
Dynamic programming
Economic costs
Economic uncertainty
Inventories
Inventory
Optimal policy
Probability distribution
Probability distributions
Purchasing
Random variables
Supply
ISSN:0012-9682, 1468-0262
Online-Zugang:Volltext
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Beschreibung
Zusammenfassung:In this note we study the dynamic inventory problem for a follow-on provisioning in which the program length is subject to uncertainty with a known distribution. It is shown that under rather general cost conditions, the optimal policy is of the (S, s) type. This is true whether or not there exists a time lag in delivery provided that excess demand is always backlogged. The case of an infinite program horizon is also briefly discussed.
Bibliographie:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 14
ObjectType-Article-1
ISSN:0012-9682
1468-0262
DOI:10.2307/1910222