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| Author: | Johansen, S. |
| Title: | Optimal prices of an M/G/1 jobshop |
| Journal: | Operations Research
1994 : JUL-AUG, VOL. 42:4, p. 765-774 |
| Index terms: | OPPORTUNITY COSTS TRANSFER PRICING DYNAMIC PROGRAMMING OPTIMAL CONTROL THEORY |
| Language: | eng |
| Abstract: | This paper concerns the optimal control of input to a FIFO jobshop with a single workstation. The input is jobs for which the processing and delivery times are observable upon arrival. The control is exercised by charging a price for each completed job. The objective is either profit maximization or welfare maximization. The semi-Markov decision processes that maximize the two objectives are studied simultaneously. Optimal prices are specified in terms of opportunity costs. |
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