This paper examines several inventory replenishment policies for a make-to-order inventory–production system that consists of a production workshop and a warehouse. Demands arrive to the production workshop according to a Poisson process, and are processed in an FCFS manner. The production workshop requires that the warehouse provides, as needed, raw materials for use in the production process....

Do voters effectively hold elected officials accountable for policy decisions? Using data on natural disasters, government spending, and election returns, we show that voters reward the incumbent presidential party for delivering disaster relief spending, but not for investing in disaster preparedness spending. These inconsistencies distort the incentives of public officials, leading the govern...

We study the problem of designing scheduling algorithms for deadline-aware input-queued (IQ) packet switches. While most research on scheduling algorithms for IQ switches has focused on maximizing throughput, packet deadlines are a key consideration in the context of real-time applications like multimedia streaming and video telephony. We consider traffic streams associated with service profile...

The problem of rested and restless multi-armed bandits with constrained availability of arms is considered. The states of arms evolve in Markovian manner and the exact states are hidden from the decision maker. First, some structural results on value functions are claimed. Following these results, the optimal policy turns out to be a threshold policy. Further, indexability of rested bandits is ...

Abstract Using state space techniques we study a “myopic” order-up-to policy. The policy is myopic because is it is optimal at minimising local inventory holding and shortage costs. In particular we study the bullwhip effect produced by the replenishment policy reacting arbitrary stochastic demand processes. We reveal that bullwhip is fundamentally caused by the co-variance between the inventor...

Once a new product is available, if the company starts the sales without building an initial inventory (myopic policy), the demand for the product grows rapidly due to extensive word of mouth spreading from past sales and soon may exceed the firm’s capacity resulting in lost sales. To avoid this problem, companies generally delay product launch to build sufficient inventory prior to starting sa...

Active search is a learning paradigm with the goal of actively identifying as many members of a given class as possible. Many real-world problems can be cast as an active search, including drug discovery, fraud detection, and product recommendation. Previous work has derived the Bayesian optimal policy for the problem, which is unfortunately intractable due to exponential complexity. In practic...

This article investigates the shortsightedness or myopia of recent climate and energy policy (CEP) in EU. To this end, it develops applies a measurement tool short-termism composed four key criteria: (1) reflection science-based long-term thinking process its output; (2) degree to which mid-term greenhouse gas emission targets accompanying policies align with objectives; (3) stringency legislat...