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The Basic Multiperiod Dynamic Model

In: Perishable Inventory Systems

Author

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  • Steven Nahmias

    (Santa Clara University)

Abstract

Chapter 1 outlined an approach for constructing a single-period newsvendor-type model that explicitly accounts for future outdating of the current order. In this chapter, we present the extension of this one-period model to a finite horizon dynamic model. We present only the general m-period lifetime case, but the reader may be interested in reviewing the simpler case for m = 2, as this requires only a single-dimensional state variable.

Suggested Citation

  • Steven Nahmias, 2011. "The Basic Multiperiod Dynamic Model," International Series in Operations Research & Management Science, in: Perishable Inventory Systems, edition 1, chapter 0, pages 9-14, Springer.
    • Handle: RePEc:spr:isochp:978-1-4419-7999-5_2
    DOI: 10.1007/978-1-4419-7999-5_2
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