Control of arrivals and departures in a state-dependent input-output system (Q1085772)
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scientific article; zbMATH DE number 3982879
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| English | Control of arrivals and departures in a state-dependent input-output system |
scientific article; zbMATH DE number 3982879 |
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Control of arrivals and departures in a state-dependent input-output system (English)
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1986
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The authors deal with an input-output system. The offers arrive according to a Poisson process, the density of which may depend on the system state. Each offer (input and output) is associated with a stochastic value (e.g. price). Furthermore there are deterministic holding costs. The objective is to maximize the expected discounted profit, which is the difference between the sum of accepted output offers and the sum of accepted input offers minus the inventory holding costs.
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optimal control
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birth and death processes
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input-output system
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expected discounted profit
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0.7655106782913208
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0.7546037435531616
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0.7510003447532654
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0.747094988822937
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