DocumentCode
435024
Title
Optimality inequalities for average cost MDPs and their inventory control applications
Author
Feinberg, Eugene A. ; Lewis, Mark E.
Author_Institution
Dept. of Appl. Math. & Stat., State Univ. of New York, Stony Brook, NY, USA
Volume
4
fYear
2004
fDate
14-17 Dec. 2004
Firstpage
4411
Abstract
We show that the assumptions guaranteeing existence of a solution to the average cost optimality inequalities presented in Schal (1993) for compact action sets can be extended to include the non-compact action set case. Inventory and stochastic cash balance models (with fixed costs) are natural candidates for the application of our results. Extension of the classic models for a general demand distribution are discussed in detail.
Keywords
Markov processes; decision theory; stock control; average cost Markov decision processes; general demand distribution; inventory control; noncompact action set; optimality inequalities; stochastic cash balance models; Convergence; Cost function; Equations; Inventory control; Mathematics; Statistics; Stochastic processes;
fLanguage
English
Publisher
ieee
Conference_Titel
Decision and Control, 2004. CDC. 43rd IEEE Conference on
ISSN
0191-2216
Print_ISBN
0-7803-8682-5
Type
conf
DOI
10.1109/CDC.2004.1429445
Filename
1429445
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