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The Continuous-Time Joint Replenishment Problem: ϵ -Optimal Policies via Pairwise Alignment

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  • Danny Segev

    (School of Mathematical Sciences and Coller School of Management, Tel Aviv University, Tel Aviv 69978, Israel)

Abstract

The main contribution of this paper resides in developing a new algorithmic approach for addressing the continuous-time joint replenishment problem, termed Ψ -pairwise alignment. The latter mechanism, through which we synchronize multiple economic order quantity models, allows us to devise a purely combinatorial algorithm for efficiently approximating optimal policies within any degree of accuracy. As a result, our work constitutes the first quantitative improvement over power-of-2 policies, which have been state-of-the-art in this context since the mid-1980s. Moreover, in light of recent intractability results, by proposing an efficient polynomial-time approximation scheme for the joint replenishment problem, we resolve the long-standing open question regarding the computational complexity of this classical setting.

Suggested Citation

  • Danny Segev, 2025. "The Continuous-Time Joint Replenishment Problem: ϵ -Optimal Policies via Pairwise Alignment," Management Science, INFORMS, vol. 71(5), pages 4183-4197, May.
    • Handle: RePEc:inm:ormnsc:v:71:y:2025:i:5:p:4183-4197
    DOI: 10.1287/mnsc.2023.00705
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