Average Cost Optimality in Inventory Models with Markovian Demands and Lost Sales

2005 ◽  
pp. 3-23 ◽  
Author(s):  
Dirk Beyer ◽  
Suresh P. Sethi
Keyword(s):  
Average Cost ◽  
Lost Sales ◽  
Inventory Models ◽  
Cost Optimality

Average Cost Optimality in Inventory Models With Dynamic Information Delays

2011 ◽  
Vol 56 (12) ◽  
pp. 2869-2882 ◽  
Author(s):  
Alain Bensoussan ◽  
Metin Cakanyildirim ◽  
Suresh P. Sethi ◽  
Mingzheng Wang ◽  
Hanqin Zhang
Keyword(s):  
Average Cost ◽  
Inventory Models ◽  
Dynamic Information ◽  
Information Delays ◽  
Cost Optimality

scholarly journals Explicit Solution of the Average-Cost Optimality Equation for a Pest-Control Problem

2011 ◽  
Vol 2011 ◽  
pp. 1-11
Author(s):  
Epaminondas G. Kyriakidis
Keyword(s):  
Optimal Control ◽  
Markov Decision Process ◽  
Pest Control ◽  
Continuous Time ◽  
Decision Process ◽  
Average Cost ◽  
Optimality Equation ◽  
Markov Decision ◽  
Average Cost Optimality Equation ◽  
Cost Optimality

We introduce a Markov decision process in continuous time for the optimal control of a simple symmetrical immigration-emigration process by the introduction of total catastrophes. It is proved that a particular control-limit policy is average cost optimal within the class of all stationary policies by verifying that the relative values of this policy are the solution of the corresponding optimality equation.

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