Optimality of Myopic Ordering Policies for Inventory Model with Stochastic Supply

Authors:
Do Ba Khang;Okitsugu Fujiwara
Affiliations:
-;-
Venue:
Operations Research
Year:
2000

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Abstract

This paper addresses a discrete time inventory model where the maximum amount of supply from which instantaneous replenishment orders can be made is a random variable. Optimal ordering policies are characterized as critical number policies with monotone increasing optimal critical values. A sufficient condition is then presented for myopic ordering policies to be optimal.