ISSN:
1432-5217
Keywords:
Dynamic programming
;
discrete-time Markov control processes
;
average cost
;
unbounded costs and controls
;
inventory systems
Source:
Springer Online Journal Archives 1860-2000
Topics:
Mathematics
,
Economics
Notes:
Abstract We show the existence ofaverage cost (AC-) optimal policy for an inventory system withuncountable state space; in fact, the AC-optimal cost and an AC-optimal stationary policy areexplicitly computed. In order to do this, we use a variant of thevanishing discount factor approach, which have been intensively studied in recent years but the available results not cover the inventory problem we are interested in.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1007/BF01198405
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