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Finding optimal policies in the (S - 1, S ) lost sales inventory model with multiple demand classes

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Author Info
Jaarsveld, W.L. van
Dekker, R. (Erasmus Econometric Institute)

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Abstract

This paper examines the algorithms proposed in the literature for finding good critical level policies in the (S-1,S) lost sales inventory model with multiple demand classes. Our main result is that we establish guaranteed optimality for two of these algorithms. This result is extended to different resupply assumptions, such as a single server queue. As a corollary, we provide an alternative proof of the optimality of critical level policies among the class of all policies.

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File URL: http://hdl.handle.net/1765/16265
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Publisher Info
Paper provided by Erasmus University Rotterdam, Econometric Institute in its series Econometric Institute Report with number EI2009-14 Revision_Date: 2009-11-06.

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Date of creation: 23 Jul 2009
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Handle: RePEc:dgr:eureir:1765016265

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Related research
Keywords: inventory; multiple demand classes; customer differentiation; rationing lost sales; stochastic dynamic programming;

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This page was last updated on 2009-11-25.

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