A diffusion inventory model for deteriorating items

DOI10.1016/S0096-3003(02)00097-8MaRDI QIDQ1406113zbMATH OpenFDO

Authors Lakdere Benkherouf, Amin Boumenir, Lakhdar Aggoun

Publication date 9 September 2003

Published in Applied Mathematics and Computation (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/S0096-3003(02)00097-8

zbMATH Keywords

diffusion inventory modeloptimal impulse control schedulequasi variational inequalitiesrisk analysis in financesecond-order obstacle problem

Mathematics Subject Classification ID

Variational inequalities (49J40) Numerical optimization and variational techniques (65K10)

Review text

The authors consider the problem of finding the optimal impulse control schedule for a stochastic inventory model for deteriorating items. It is shown that this problem can be studied in the general frame of parabolic quasi variational inequalities. As a special case, they use this approach to solve the second-order obstacle problem. Some background material is also provided. It is a nice paper with interesting results. Such type quasi variational inequalities are being used to study the risk analysis in finance.

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Cites work

• A continuous time inventory model
• A Solvable One-Dimensional Model of a Diffusion Inventory System
• scientific article; zbMATH DE number 3507496 (Why is no real title available?)
• On an Inventory Model for Deteriorating Items With Increasing Time-varying Demand and Shortages
• On an inventory model with deteriorating items and decreasing time-varying demand and shortages
• Perishable Inventory Theory: A Review
• Survey of Literature on Continuously Deteriorating Inventory Models

Cited in

(8)

• Review of inventory systems with deterioration since 2001
• A continuous review, \((Q, r)\) inventory model for a deteriorating item with random demand and positive lead time
• Optimal impulse and regular control strategies for proportional reinsurance problem
• A Chebyshev approximation for solving the optimal production inventory problem of deteriorating multi-item
• Inventory model for deteriorating items with returns and disposals
• Steady state probabilistic characteristics of the on/off production rate control production-inventory system with MMPP demand arrivals
• Numerical approach of multi-objective optimal control problem in imprecise environment
• Batching deteriorating items with applications in computer communication and reverse logistics

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