An improved algorithm for the minimax distribution-free inventory model with incident-oriented shortage costs

Authors:
Robert Lin;Wayne T. Chouhuang;Gino K. Yang;Cheng-Tan Tung
Affiliations:
General Education Center, Oriental Institute of Technology, Taiwan, ROC;National Taiwan University of Science and Technology, Taiwan, ROC;Department of Management Science, ROC Military Academy, Taiwan, ROC;Department of Information Management, Central Police University, Taiwan, ROC
Venue:
Operations Research Letters
Year:
2007

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Abstract

This article reconsiders Gallego's minimax distribution-free procedure. He created a two-point distribution to serve the most unfavorable case for estimating the expected cost of lost sales. We provide a reasonable condition to insure the existence and uniqueness of the optimal solution and the convergence of Gallego's method.