Please use this identifier to cite or link to this item: https://doi.org/10.1016/j.ejor.2013.02.054
Title: On properties of discrete (r, q) and (s, T) inventory systems
Authors: Ang, M.
Song, J.-S.
Wang, M.
Zhang, H. 
Keywords: (r, q) Policy
(s, T) Policy
Discrete convexity
Inventory/production
Issue Date: 16-Aug-2013
Citation: Ang, M., Song, J.-S., Wang, M., Zhang, H. (2013-08-16). On properties of discrete (r, q) and (s, T) inventory systems. European Journal of Operational Research 229 (1) : 95-105. ScholarBank@NUS Repository. https://doi.org/10.1016/j.ejor.2013.02.054
Abstract: We consider single-item (r, q) and (s, T) inventory systems with integer-valued demand processes. While most of the inventory literature studies continuous approximations of these models and establishes joint convexity properties of the policy parameters in the continuous space, we show that these properties no longer hold in the discrete space, in the sense of linear interpolation extension and Lâ™®-convexity. This nonconvexity can lead to failure of optimization techniques based on local optimality to obtain the optimal inventory policies. It can also make certain comparative properties established previously using continuous variables invalid. We revise these properties in the discrete space. © 2013 Elsevier B.V. All rights reserved.
Source Title: European Journal of Operational Research
URI: http://scholarbank.nus.edu.sg/handle/10635/117102
ISSN: 03772217
DOI: 10.1016/j.ejor.2013.02.054
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