Technical Note - Managing Nonperishable Inventories with Learning About Demand Arrival Rate Through Stockout Times

@article{Bensoussan2015TechnicalN,
  title={Technical Note - Managing Nonperishable Inventories with Learning About Demand Arrival Rate Through Stockout Times},
  author={Alain Bensoussan and Pengfei Guo},
  journal={Operations Research},
  year={2015},
  volume={63},
  pages={602-609}
}
  • Alain Bensoussan, Pengfei Guo
  • Published in Operations Research 2015
  • Mathematics, Computer Science
  • We study a periodic review inventory model with a nonperishable product over an infinite planning horizon. The demand for the nonperishable product arrives according to a Poisson process. Lost sales are unobservable but the stockout times are observable. We formulate the problem as a dynamic programming model with learning on arrival rate according to stockout times and further simplify it by using unnormalized probabilities. We then compare the system performance with those under other two… CONTINUE READING

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