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| Author: | Treharne, J. T. Sox, C. R. |
| Title: | Adaptive Inventory Control for Nonstationary Demand and Partial Information |
| Journal: | Management Science
2002 : MAY, VOL. 48:5, p. 607-624 |
| Index terms: | INVENTORY CONTROL MARKOV CHAINS DEMAND DECISION ANALYSIS |
| Language: | eng |
| Abstract: | This paper examines several different policies for an inventory control problem in which the demand process is nonstationary and partially observed. The probability distribution for the demand in each period is determined by the state of a Markov chain, the core process. However, the state of this core process is not directly observed, only the actual demand is observed by the decision maker. Given this demand process, the inventory control problem is a composite-state, partially observed Markov decision process (POMDP), which is an appropriate model for a number of dynamic demand problems. In practice, managers often use certainty equivalent control (CEC) policies to solve such a problem. |
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