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Computing Optimal (s, S) Inventory Policies


  • Arthur F. Veinott, Jr.

    (Stanford University)

  • Harvey M. Wagner

    (Stanford University)


A complete computational approach for finding optimal (s, S) inventory policies is developed. The method is an efficient and unified approach for all values of the model parameters, including a non-negative set-up cost, a discount factor 0 \leqq \alpha \leqq 1, and a lead time. The method is derived from renewal theory and stationary analysis, generalized to permit the unit interval range of values for \alpha . Careful attention is given to the problem associated with specifying a starting condition (when \alpha

Suggested Citation

  • Arthur F. Veinott, Jr. & Harvey M. Wagner, 1965. "Computing Optimal (s, S) Inventory Policies," Management Science, INFORMS, vol. 11(5), pages 525-552, March.
  • Handle: RePEc:inm:ormnsc:v:11:y:1965:i:5:p:525-552

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