Finding optimal policies in the (S - 1, S ) lost sales inventory model with multiple demand classes
AbstractThis paper examines the algorithms proposed in the literature forfinding good critical level policies in the (S-1,S) lost salesinventory model with multiple demand classes. Our main result isthat we establish guaranteed optimality for two of thesealgorithms. This result is extended to different resupplyassumptions, such as a single server queue. As a corollary, weprovide an alternative proof of the optimality of critical levelpolicies among the class of all policies.
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Bibliographic InfoPaper provided by Erasmus University Rotterdam, Econometric Institute in its series Econometric Institute Report with number EI 2009-14.
Date of creation: 23 Jul 2009
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inventory; customer differentiation; multiple demand classes; rationing lost sales; stochastic dynamic programming;
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