A Price-Directed Approach to Stochastic Inventory/Routing

We consider a new approach to stochastic inventory/routing that approximates the future costs of current actions using optimal dual prices of a linear program. We obtain two such linear programs by formulating the control problem as a Markov decision process and then replacing the optimal value func...

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Bibliographic Details
Published in:	Operations research Vol. 52; no. 4; pp. 499 - 514
Main Author:	Adelman, Daniel
Format:	Journal Article
Language:	English
Published:	Linthicum INFORMS 01.07.2004 Institute for Operations Research and the Management Sciences
Subjects:	Approximation Cost allocation Cost efficiency discounted infinite-horizon Dynamic programming dynamic programming/optimal control Gases industry Influence Inventories Inventory control inventory routing inventory/production Linear programming Manufacturing Markov processes Methods Minimization of cost multi-item Optimization Prices Pruning separable functional approximations stochastic Stochastic models Studies Supply chains Technology application transportation Transportation costs Vehicles
ISSN:	0030-364X, 1526-5463
Online Access:	Get full text
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