A stochastic inventory model with perishable and aging items

DOI10.1155/S1048953399000039MaRDI QIDQ1305817zbMATH OpenOpenAlexFDO

Authors Lakhdar Aggoun, Lakdere Benkherouf, Lofti Tadj

Publication date 15 February 2000

Published in Journal of Applied Mathematics and Stochastic Analysis (Search for Journal in Brave)

Full work available at URL https://eudml.org/doc/48325

zbMATH Keywords

change of measure techniquesinventory controlMarkov modelsperishable items

Mathematics Subject Classification ID

Markov chains (discrete-time Markov processes on discrete state spaces) (60J10) Applications of queueing theory (congestion, allocation, storage, traffic, etc.) (60K30) Inventory, storage, reservoirs (90B05)

Review text

Summary: We propose a single-product, discrete time inventory model for perishable items. Inventory levels are reviewed periodically and units in stock have a maximum lifetime of \(M\) periods. It is assumed that the dynamics of the inventory level is driven by a parameter process (reflecting perishability) and demands. By observing the history of the inventory level we obtain the conditional distribution of the perishability parameter by using the change of measure techniques. A special case is also presented.

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