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Optimal Inventory Policies When Sales Are Discretionary

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Abstract

Inventory models customarily assume that demand is fully satisfied if sufficient stock is available. We analyze the form of the optimal inventory policy if the inventory manager can choose to meet a fraction of the demand. Under classical conditions we show that the optimal policy is again of the (S,s) form. The analysis makes use of a novel property of K-concave functions.

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File URL: http://cowles.econ.yale.edu/P/cd/d12b/d1270.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1270.

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Length: 10 pages
Date of creation: Aug 2000
Date of revision:
Publication status: Published in International Journal of Production Economics (January 2005), 93-94: 111-119
Handle: RePEc:cwl:cwldpp:1270

Note: CFP 1104.
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Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
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Web page: http://cowles.econ.yale.edu/
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Keywords: Inventory theory; optimal ordering policies; (S; s) policies; K-concavity;

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  1. George Hall & John Rust, 2007. "The (S,s) Policy is an Optimal Trading Strategy in a Class of Commodity Price Speculation Problems," Economic Theory, Springer, vol. 30(3), pages 515-538, March.
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Cited by:
  1. Mart, Turgut & Duran, Serhan & Bakal, ─░smail Serdar, 2013. "Tactical inventory and backorder decisions for systems with predictable production yield," International Journal of Production Economics, Elsevier, vol. 143(2), pages 294-303.

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