An embedded Markov chain approach to stock rationing
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Date
2010
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
ELSEVIER SCIENCE BV
Open Access Color
Green Open Access
Yes
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Publicly Funded
No
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Impulse
Average
Influence
Top 10%
Popularity
Top 10%
Abstract
We propose a new method for the analysis of lot-per-lot inventory systems with backorders under rationing. We introduce an embedded Markov chain that approximates the state-transition probabilities. We provide a recursive procedure for generating these probabilities and obtain the steady-state distribution. (C) 2010 Elsevier B.V. All rights reserved.
Description
Keywords
Inventory models, Rationing, Embedded Markov chains, DEMAND CLASSES, INVENTORY MODEL, LOST SALES, POLICY, Rationing, Embedded Markov Chains, Inventory Models, inventory models, Markov and semi-Markov decision processes, rationing, Inventory, storage, reservoirs, embedded Markov chains
Fields of Science
0209 industrial biotechnology, 0211 other engineering and technologies, 02 engineering and technology
Citation
WoS Q
Scopus Q
OpenCitations Citation Count
20
Source
Operations Research Letters
Volume
38
Issue
6
Start Page
510
End Page
515
Collections
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Citations
CrossRef : 12
Scopus : 22
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Mendeley Readers : 17
Web of Science™ Citations
20
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