Based on the Cobb-Douglas preferences and standard (S,s) model this study extends the previous theoretical frameworks by deriving explicitly the optimal consumption rule for durables. The model states that an agent has a desire to keep a fraction of his wealth to be invested in a durable. Because of the depreciation of the durable together with stochastic movements in prices and agent’s wealth,...

Nowadays, Companies have to deal with an uncertain demand which is more difficult to handle when it has a non-stationary pattern. Simultaneous decrease of customer service and increase of stock costs are the most significant effects of such demand uncertainty. To deal with this issue, inventory optimization models must be adapted to cover a multi-echelon network structure and to consider altern...

This paper is concerned with the numerical evaluation of multi-echelon production systems. Each stage requires a fixed predetermined leadtime; furthermore, we assume a stochastic, stauonary eLd.tlmc demand process. In a previous paper, we have developed an analytical framework for determining optimal control pohclcs for such systems under an average COSt criterion The current paper Is based on ...

In this paper, we consider a serial two-echelon periodic review inventory system with two supply modes at the most upstream stock point. As control policy for this system, we propose a natural extension of the dual-index policy, which has three base-stock levels. We consider the minimization of long run average inventory holding, backlogging, and both per unit and fixed emergency ordering costs...

One way to hedge against random fluctuations of demand in supply chains is to keep inventories at various points in the chain. Another is to actually modify the leadtimes in the system dynamically. Working with multiple suppliers, using multiple transportation options, having the option to expedite certain processes, or having different possible routes for a unit to go through the supply chain ...

In this article we present an effective mixed-integer linear programming (MILP) formulation for design of a multi-echelon stochastic inventory system with uncertain customer demands. In You and Grossmann [2010] a three-echelon supply chain with inventories under uncertainty is presented. In that supply chain, the location of the plants and the customer demand zones (CDZ) are known. Potential di...

Studies that use rivers in a last-mile delivery context are scarce. This research considers the first multimodal alternative based on barge for parcel activities. It proposes two sustainable network designs two-echelon distribution. The efficiency of scenarios is assessed through performance indicators. A three-stage decomposition heuristic used. Allocation customers to closest satellite at sta...

HYPOTHESIS The required sample size of a prospective randomized trial comparing standard pancreaticoduodenectomy with pancreaticoduodenectomy plus extended lymphadenectomy for pancreatic adenocarcinoma is prohibitively large, making such a trial infeasible. DESIGN Retrospective cohort study. SETTING Comprehensive cancer center. PATIENTS We identified 158 patients who underwent pancreatico...

We develop the first algorithmic approach to compute provably good ordering policies for a multiechelon, stochastic inventory system facing correlated, non-stationary and evolving demands over a finite horizon. Our approach is computationally efficient and guaranteed to produce a policy with total expected cost no more than twice the expected cost of an optimal policy. As part of our computatio...

Motivated by swings in the exchange rate of many developing economies which exert influence on firms? input costs, output, stock prices, and profits, study investigated asymmetric reactions prices industrial output to various shocks Nigeria using a multiple threshold nonlinear autoregressive distributed lag model high frequency series from January 1999 December 2021. Empirical results suggest t...