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Capital Accumulation and Production for the Firm: Optimal Dynamic Policies

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  • Donald L. Iglehart

    (Cornell University)

Abstract

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.

Suggested Citation

  • Donald L. Iglehart, 1965. "Capital Accumulation and Production for the Firm: Optimal Dynamic Policies," Management Science, INFORMS, vol. 12(3), pages 193-205, November.
  • Handle: RePEc:inm:ormnsc:v:12:y:1965:i:3:p:193-205
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    File URL: http://dx.doi.org/10.1287/mnsc.12.3.193
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    Cited by:

    1. George Li & S. Rajagopalan, 1998. "Process Improvement, Quality, and Learning Effects," Management Science, INFORMS, vol. 44(11-Part-1), pages 1517-1532, November.

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