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Fixed-Dimensional Stochastic Dynamic Programs: An Approximation Scheme and an Inventory Application
We study fixed-dimensional stochastic dynamic programs in a discrete setting over a finite horizon. Under the primary assumption that the cost-to-go functions are discrete L♮-convex, we propose a pseudo-polynomial time ...
Robustness of Order-Up-To Policies in Lost-Sales Inventory Systems
We study an inventory system under periodic review when excess demand is lost. It is known (Huh et al. 2009) that the best base-stock policy is asymptotically optimal as the lost-sales penalty cost parameter grows. We now ...
Robustness of Order-Up-To Policies in Lost-Sales Inventory Systems
We study an inventory system under periodic review when excess demand is lost. It is known (Huh et al. 2009) that the best base-stock policy is asymptotically optimal as the lost-sales penalty cost parameter grows. We now ...
Technical Note - On Optimal Policies for Inventory Systems with Batch Ordering
We study a periodically reviewed multiechelon inventory system in series such that order quantities at every stage have to be multiples of a given stage-specific batch size. The batch sizes are nested in the sense that the ...
Optimal Procurement Auctions under Multistage Supplier Qualification
We consider a firm that solicits bids from a fixed-sized pool of yet-to-be qualified suppliers for an indivisible contract. The contract can only be awarded to a supplier who passes a multistage qualification process. For ...