This paper analyzes a class of singular control problems for which value functions are not necessarily smooth. Necessary and sufficient conditions for the well-known smooth fit principle, along with the regularity of the value functions, are given. Explicit solutions for the optimal policy and for the value functions are provided. In particular, when payoff functions satisfy the usual Inada con...

We study a stationary, single-stage inventory system, under periodic review, with fixed ordering costs and multiple sales levers (such as pricing, advertising, etc.). We show the optimality of (s, S)-type policies in these settings under both the backordering and lost-sales assumptions. Our proof is novel, more direct and easier to understand than earlier ones. ∗Department of Industrial Enginee...

Optimization/control problems with change of filtartions have been studied in various context of mathematical finance. This paper studies optimal stopping problems for general diffusion processes with an uncertain time horizon and under different filtrations. Corresponding value functions are first compared and related explicitly to their counterparts without the time uncertainty. To further an...

We study periodic-review inventory replenishment problems with fixed ordering costs, and show the optimality of (s, S) inventory replenishment policies. Inventory replenishment is instantaneous, i.e., the lead time is zero. We consider several sales mechanisms, e.g., auction mechanisms, name-your-own-price mechanisms, and multiple heterogeneous sales channels. We prove this result by showing th...

Team processes are inherently dynamic phenomena theoretically, but they have largely been treated as static in research. It is well established that they are important contributors to team effectiveness; the lack of attention to dynamics means that team process mechanisms are essentially unstudied. I examine three primary themes. First, I speculate as to why it is that research treatments of te...

Mustafa Baz, Brady Hunsaker Department of Industrial Engineering, University of Pittsburgh, 1048 Benedum Hall, Pittsburgh, PA 15261, USA, {[email protected], [email protected]} J. Paul Brooks Department of Statistical Sciences and Operations Research, Virginia Commonwealth University, Richmond, VA 23284, USA, [email protected] Abhijit Gosavi Department of Industrial & Systems Engineering, Unive...

The differences between the paradigms of knowledge management (KM) and operations management are huge. Whereas KM is rooted in the disciplines of human relations, sociology, organization analysis, and strategic management, the operations management paradigm finds its roots in industrial engineering, business economics, and information systems. These differences result in poor acceptance of KM i...

Research and development (R&D) depreciation rates are critical to calculating the rates of return to R&D investments and capital service costs, both of which are important for capitalizing R&D investments in the national income and product accounts. Although important, measuring R&D depreciation rates is extremely difficult because both the price and output of R&D capital are generally unobserv...

Center for Healthcare Operations Improvement and Research (CHOIR), University of Twente, Enschede, the Netherlands; Industrial Engineering and Business Information Systems, School of Management and Governance, University of Twente, Enschede, the Netherlands; Department of Quality and Process Innovation, Academic Medical Center Amsterdam, Amsterdam, the Netherlands; Stochastic Operations Researc...

Scheduling is a critical need for manufacturing and service systems, and it is not exaggeration to say that e ective and timely scheduling can be the di erence between success and failure in an era when customers demand rapid response, product customization and low prices. As a result, there has been an explosion of Deterministic Scheduling papers over the decade with a strong group of research...