Capital Accumulation and Production for the Firm: Optimal Dynamic Policies
In this paper we consider a firm that must make a production decision and a capital decision at periodic intervals of time. The cost of production is assumed to be convex and the firm is allowed to hold inventories. For a class of inventory and capital costs the optimal production and capital decisions are obtained for an n-period problem. The optimality criterion used is minimization of the expected present value of costs in the n periods.
Volume (Year): 12 (1965)
Issue (Month): 3 (November)
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