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Myopic inventory policies using individual customer arrival information

  • Martinez de Albeniz, Victor


    (IESE Business School)

  • Lago, Alejandro

    (IESE Business School)

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    We investigate optimality of myopic policies using the single-unit decomposition approach in inventory management. We derive, under certain conditions, closed-form replenishment decisions, which we call a base-probability policy. That is, the order associated with a given customer is placed if and only if its arrival probability within the lead-time is higher than a threshold.

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    Paper provided by IESE Business School in its series IESE Research Papers with number D/719.

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    Length: 15 pages
    Date of creation: 17 Nov 2007
    Date of revision:
    Handle: RePEc:ebg:iesewp:d-0719
    Contact details of provider: Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
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    1. William S. Lovejoy, 1992. "Stopped Myopic Policies in Some Inventory Models with Generalized Demand Processes," Management Science, INFORMS, vol. 38(5), pages 688-707, May.
    2. Arthur F. Veinott, Jr., 1965. "Optimal Policy for a Multi-Product, Dynamic, Nonstationary Inventory Problem," Management Science, INFORMS, vol. 12(3), pages 206-222, November.
    3. Andrew J. Clark & Herbert Scarf, 1960. "Optimal Policies for a Multi-Echelon Inventory Problem," Management Science, INFORMS, vol. 6(4), pages 475-490, July.
    4. Samuel Karlin, 1960. "Dynamic Inventory Policy with Varying Stochastic Demands," Management Science, INFORMS, vol. 6(3), pages 231-258, April.
    5. Robert S. Kaplan, 1970. "A Dynamic Inventory Model with Stochastic Lead Times," Management Science, INFORMS, vol. 16(7), pages 491-507, March.
    6. G. D. Johnson & H. E. Thompson, 1975. "Optimality of Myopic Inventory Policies for Certain Dependent Demand Processes," Management Science, INFORMS, vol. 21(11), pages 1303-1307, July.
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