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Scheduling, Replacement and Inventory Management

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Dynamic Programming

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Abstract

In this chapter agricultural applications of dynamic programming are considered in which state transformation functions can be specified on the basis of logic rather than on the basis of empirical biological relationships. An example is the replacement problem with age as a state variable. A decision at stage i to replace or keep an asset determines directly the age of the asset at stage i + 1. Another example is the inventory problem with stock as a state variable. The stock at stage i + 1 equals the stock at stage i, minus net outgoings between stage i and stage i + 1. Two of the earliest agricultural applications of dynamic programming were to replacement (White, 1959), and inventory (Gustafson, 1958) problems. As mentioned in Chapter 1, many problems which involve biological relationships, such as the management of crops, livestock and trees, are in part replacement problems.

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Authors and Affiliations

  1. School of Economics, La Trobe University, Melbourne, Australia

    John O. S. Kennedy

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  1. John O. S. Kennedy
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© 1986 Elsevier Applied Science Publishers Ltd

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Kennedy, J.O.S. (1986). Scheduling, Replacement and Inventory Management. In: Dynamic Programming. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-4191-5_5

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  • DOI: https://doi.org/10.1007/978-94-009-4191-5_5

  • Publisher Name: Springer, Dordrecht

  • Print ISBN: 978-94-010-8362-1

  • Online ISBN: 978-94-009-4191-5

  • eBook Packages: Springer Book Archive

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