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Markovian Demand Inventory Models

  • Dirk Beyer
  • Feng Cheng
  • Suresh P. Sethi
  • Michael Taksar

Part of the International Series in Operations Research & Management Science book series (ISOR, volume 108)

Table of contents

  1. Front Matter
    Pages i-xvi
  2. Introduction

    1. Front Matter
      Pages 1-1
    2. Dirk Beyer, Feng Cheng, Suresh P. Sethi, Michael Taksar
      Pages 3-18
  3. Discounted Cost Models

    1. Front Matter
      Pages 19-19
    2. Dirk Beyer, Feng Cheng, Suresh P. Sethi, Michael Taksar
      Pages 21-40
    3. Dirk Beyer, Feng Cheng, Suresh P. Sethi, Michael Taksar
      Pages 41-58
    4. Dirk Beyer, Feng Cheng, Suresh P. Sethi, Michael Taksar
      Pages 59-80
  4. Average Cost Models

    1. Front Matter
      Pages 81-81
    2. Dirk Beyer, Feng Cheng, Suresh P. Sethi, Michael Taksar
      Pages 83-106
    3. Dirk Beyer, Feng Cheng, Suresh P. Sethi, Michael Taksar
      Pages 107-131
    4. Dirk Beyer, Feng Cheng, Suresh P. Sethi, Michael Taksar
      Pages 133-150
  5. Miscellaneous

    1. Front Matter
      Pages 151-151
    2. Dirk Beyer, Feng Cheng, Suresh P. Sethi, Michael Taksar
      Pages 153-178
    3. Dirk Beyer, Feng Cheng, Suresh P. Sethi, Michael Taksar
      Pages 179-207
  6. Conclusions and Open Research Problems

    1. Front Matter
      Pages 209-209
    2. Dirk Beyer, Feng Cheng, Suresh P. Sethi, Michael Taksar
      Pages 211-213
  7. Back Matter
    Pages 1-37

About this book

Introduction

"This book contains the most complete, rigorous mathematical treatment of the classical dynamic inventory model with stochastics demands that I am aware of. Emphasis is placed on a demand structure governed by a discrete time Markov chain. The state of the Markov chain determines the demand distribution for the period in question. Under this more general demand structure, (s,S) ordering policies are still shown to be optimal. The mathematical level is advanced and the book would be most appropriate for a specialized course at the Ph.D. level."

Donald L. Iglehart
Professor Emeritus of Operations Research, Stanford University

"This book provides a comprehensive mathematical presentation of (s,S) inventory models and affords readers thorough coverage of the analytic tools used to establish theoretical results. Markovian demand models are central in the extensive scientific literature on inventory theory, and this volume reviews all the important conceptual developments of the subject."

Harvey M. Wagner
University of North Carolina at Chapel Hill

"Beyer, Cheng, Sethi and Taksar have done a fine job of bringing together many of the central results about this important class of models. The book will be useful to anyone interested in inventory theory."

Paul Zipkin
Duke University

Keywords

(s,S) policy Analysis Inventory theory Markov process Markovian demand Stochastic Processes base-stock policy controlled Markov process distribution dynamic programming long-run average cost optimal feedback policy stochastic process vanishing discount approach

Authors and affiliations

  • Dirk Beyer
    • 1
  • Feng Cheng
    • 2
  • Suresh P. Sethi
    • 3
  • Michael Taksar
    • 4
  1. 1.M-Factor, Inc.San MateoU.S.A.
  2. 2.T.J. Watson Research CenterIBM CorporationYorktown HeightsU.S.A.
  3. 3.School of ManagementUniversity of Texas, DallasRichardsonU.S.A.
  4. 4.Dept. MathematicsUniversity of Missouri, ColumbiaColumbiaU.S.A.

Bibliographic information

  • DOI https://doi.org/10.1007/978-0-387-71604-6
  • Copyright Information Springer-Verlag US 2010
  • Publisher Name Springer, Boston, MA
  • eBook Packages Business and Economics
  • Print ISBN 978-0-387-71603-9
  • Online ISBN 978-0-387-71604-6
  • Series Print ISSN 0884-8289
  • Buy this book on publisher's site
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