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A discrete‐time model for perishable inventory systems

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  • Z. Lian
  • L. Liu

Abstract

We study a discrete-time (s, S) perishable inventory model with geometric inter‐demand times and batch demands. With a zero lead time and allowing backlogs, we can construct a multi‐dimensional Markov chain to model the inventory‐level process and obtain a closed‐formcost function. Numerical computation for the discrete‐time models is quite manageable. Our numerical results reveal some good properties of the cost function. By comparing our results with results from the corresponding continuous‐time models, we may also conclude that discrete‐time models may be used to approximate their continuous‐time counterparts effectively. Copyright Kluwer Academic Publishers 1999

Suggested Citation

  • Z. Lian & L. Liu, 1999. "A discrete‐time model for perishable inventory systems," Annals of Operations Research, Springer, vol. 87(0), pages 103-116, April.
  • Handle: RePEc:spr:annopr:v:87:y:1999:i:0:p:103-116:10.1023/a:1018960314433
    DOI: 10.1023/A:1018960314433
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    Cited by:

    1. Huanan Zhang & Cong Shi & Xiuli Chao, 2016. "Technical Note—Approximation Algorithms for Perishable Inventory Systems with Setup Costs," Operations Research, INFORMS, vol. 64(2), pages 432-440, April.
    2. Xiang Li & Guohua Sun & Yongjian Li, 2016. "A multi-period ordering and clearance pricing model considering the competition between new and out-of-season products," Annals of Operations Research, Springer, vol. 242(2), pages 207-221, July.

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