Optimality inequalities for average cost MDPs and their inventory control applications

Eugene A. Feinberg; Mark E. Lewis

doi:10.1109/CDC.2004.1429445

Optimality inequalities for average cost MDPs and their inventory control applications

Eugene A. Feinberg
, Mark E. Lewis

Applied Mathematics and Statistics

Stony Brook University

University of Michigan, Ann Arbor

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

Abstract

We show that the assumptions guaranteeing existence of a solution to the average cost optimality inequalities presented in Schäl for compact action sets can be extended to include the non-compact action set case. Inventory and stochastic cash balance models (with fixed costs) are natural candidates for the application of our results. Extension of the classic models for a general demand distribution are discussed in detail.

Original language	English
Title of host publication	2004 43rd IEEE Conference on Decision and Control (CDC)
Publisher	Institute of Electrical and Electronics Engineers Inc.
Pages	4411-4416
Number of pages	6
ISBN (Print)	0780386825
DOIs	https://doi.org/10.1109/CDC.2004.1429445
State	Published - 2004
Event	2004 43rd IEEE Conference on Decision and Control (CDC) - Nassau, Bahamas Duration: Dec 14 2004 → Dec 17 2004

Publication series

Name	Proceedings of the IEEE Conference on Decision and Control
Volume	4

Conference

Conference	2004 43rd IEEE Conference on Decision and Control (CDC)
Country/Territory	Bahamas
City	Nassau
Period	12/14/04 → 12/17/04

Access to Document

10.1109/CDC.2004.1429445

Cite this

Feinberg, E. A., & Lewis, M. E. (2004). Optimality inequalities for average cost MDPs and their inventory control applications. In 2004 43rd IEEE Conference on Decision and Control (CDC) (pp. 4411-4416). Article FrA08.6 (Proceedings of the IEEE Conference on Decision and Control; Vol. 4). Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/CDC.2004.1429445

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title = "Optimality inequalities for average cost MDPs and their inventory control applications",

abstract = "We show that the assumptions guaranteeing existence of a solution to the average cost optimality inequalities presented in Sch{\"a}l for compact action sets can be extended to include the non-compact action set case. Inventory and stochastic cash balance models (with fixed costs) are natural candidates for the application of our results. Extension of the classic models for a general demand distribution are discussed in detail.",

author = "Feinberg, \{Eugene A.\} and Lewis, \{Mark E.\}",

year = "2004",

doi = "10.1109/CDC.2004.1429445",

language = "English",

isbn = "0780386825",

series = "Proceedings of the IEEE Conference on Decision and Control",

publisher = "Institute of Electrical and Electronics Engineers Inc.",

pages = "4411--4416",

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note = "2004 43rd IEEE Conference on Decision and Control (CDC) ; Conference date: 14-12-2004 Through 17-12-2004",

}

Feinberg, EA & Lewis, ME 2004, Optimality inequalities for average cost MDPs and their inventory control applications. in 2004 43rd IEEE Conference on Decision and Control (CDC)., FrA08.6, Proceedings of the IEEE Conference on Decision and Control, vol. 4, Institute of Electrical and Electronics Engineers Inc., pp. 4411-4416, 2004 43rd IEEE Conference on Decision and Control (CDC), Nassau, Bahamas, 12/14/04. https://doi.org/10.1109/CDC.2004.1429445

Optimality inequalities for average cost MDPs and their inventory control applications. / Feinberg, Eugene A.; Lewis, Mark E.
2004 43rd IEEE Conference on Decision and Control (CDC). Institute of Electrical and Electronics Engineers Inc., 2004. p. 4411-4416 FrA08.6 (Proceedings of the IEEE Conference on Decision and Control; Vol. 4).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

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AU - Feinberg, Eugene A.

AU - Lewis, Mark E.

PY - 2004

Y1 - 2004

N2 - We show that the assumptions guaranteeing existence of a solution to the average cost optimality inequalities presented in Schäl for compact action sets can be extended to include the non-compact action set case. Inventory and stochastic cash balance models (with fixed costs) are natural candidates for the application of our results. Extension of the classic models for a general demand distribution are discussed in detail.

AB - We show that the assumptions guaranteeing existence of a solution to the average cost optimality inequalities presented in Schäl for compact action sets can be extended to include the non-compact action set case. Inventory and stochastic cash balance models (with fixed costs) are natural candidates for the application of our results. Extension of the classic models for a general demand distribution are discussed in detail.

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U2 - 10.1109/CDC.2004.1429445

DO - 10.1109/CDC.2004.1429445

M3 - Conference contribution

SN - 0780386825

T3 - Proceedings of the IEEE Conference on Decision and Control

SP - 4411

EP - 4416

BT - 2004 43rd IEEE Conference on Decision and Control (CDC)

PB - Institute of Electrical and Electronics Engineers Inc.

T2 - 2004 43rd IEEE Conference on Decision and Control (CDC)

Y2 - 14 December 2004 through 17 December 2004

ER -

Optimality inequalities for average cost MDPs and their inventory control applications

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