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Robust inventory-production control problem with stochastic demand

✍ Scribed by E. K. Boukas; P. Shi; A. Andijani

Publisher
John Wiley and Sons
Year
1999
Tongue
English
Weight
169 KB
Volume
20
Category
Article
ISSN
0143-2087

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✦ Synopsis

This paper deals with the inventory-production control problem where the produced items are supposed to be deteriorating with a rate that depends on the stochastic demand rate. The inventory-production control problem is formulated as a jump linear quadratic control problem. The optimal policy that solves the optimal control problem is obtained in terms of a set of coupled Riccati equations. The guaranteed cost control problem is also investigated.

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## Abstract Substitutable product inventory problem is analyzed using the concepts of stochastic game theory. It is assumed that there are two substitutable products that are sold by different retailers and the demand for each product is random. Game theoretic nature of this problem is the result o