Abstract
Thompson and Sethi [192] consider a deterministic single machine, single product production planning model whose purpose is to obtain the production rate over time to minimize an integral representing a discounted quadratic loss function. The model is solved both with and without nonnegative production constraints. It is shown that there exists a turnpike level of inventory, to which the optimal inventory level approaches monotonically over time. The model was generalized by Sethi and Thompson [155, 156] and Bensoussan, Sethi, Vickson, and Derzko [18] by incorporating an additive white noise term in the dynamics of the inventory process. Moreover, the concept of turnpike inventory level for the stochastic production planning problem was introduced.
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© 1994 Springer Science+Business Media New York
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Sethi, S.P., Zhang, Q. (1994). Optimal control of parallel machine systems. In: Hierarchical Decision Making in Stochastic Manufacturing Systems. Systems & Control: Foundations & Applications. Birkhäuser, Boston, MA. https://doi.org/10.1007/978-1-4612-0285-1_3
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DOI: https://doi.org/10.1007/978-1-4612-0285-1_3
Publisher Name: Birkhäuser, Boston, MA
Print ISBN: 978-1-4612-6694-5
Online ISBN: 978-1-4612-0285-1
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