A Risk-Averse Inventory Model with Markovian Purchasing Costs
نویسندگان
چکیده
منابع مشابه
Risk Averse Inventory Management∗
Traditional inventory models focus on risk neutral decision makers, i.e., characterizing replenishment strategies that maximize expected total profit, or equivalently, minimize expected total cost over a planning horizon. In this paper, we propose a general framework for incorporating risk aversion in multi-period inventory models as well as multi-period models that coordinate inventory and pri...
متن کاملPeriodic review inventory control with fluctuating purchasing costs
We consider the periodic review inventory control problem in which the purchasing cost of the product changes, in a Markovian fashion, from one period to the next. After establishing (with and without the non-speculation assumption) that an order upto policy is optimal, we develop an efficient recursive solution procedure to compute the optimal levels. In addition, we propose a measure for the ...
متن کاملJoint pricing and inventory control with a Markovian demand model
We consider the joint pricing and inventory control problem for a single product with a finite horizon and periodic review. The demand distribution in each period is determined by an exogenous Markov chain. Pricing and ordering decisions are made at the beginning of each period and all shortages are backlogged. The surplus costs as well as fixed and variable costs are state dependent. We show t...
متن کاملA Markovian Dual-Source Production-Inventory Model with Order Bands
We present a Markovian model of a single rm engaging in a periodic review inventory policy to procure goods from two alternate suppliers. Each supplier quotes a state-dependent minimum order quantity, maximum order quantity, and unit price. The purchasing rm faces state-dependent unit inventory holding costs, as well as backorder/penalty costs if they are unable to immediately satisfy their cus...
متن کاملA Markovian continuous review inventory model with leadtimes and disasters
We consider a continuous review (s, S) model with lost sales in the presence of unexpected events. Such unexpected events include external disasters (e.g. theft or earthquakes) and internal disasters (e.g. malfunctioning of a storage equipment or fire). Once a disaster occurs the inventory drops instantaneously to zero. The total cost includes the cost of: ordering, unsatisfied demand, units de...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Mathematical Problems in Engineering
سال: 2015
ISSN: 1024-123X,1563-5147
DOI: 10.1155/2015/925765