Approximate Bayes Solutions to the Inventory Problem,
Abstract
The author considers an infinite horizon, single echelon inventory problem when the demand distribution contains unknown parameters. A lower bound on the cost of ignorance is obtained. Simple adaptive policies are proposed for the cases of exponential and log normal demand. These policies are shown to behave well when the discount factor is close to one. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Jan 07, 1974
- Accession Number
- AD0774130
Entities
People
- Michael Woodroofe
Organizations
- George Washington University