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- W2414837766 abstract "This tutorial describes recently developed general optimality conditions for Markov Decision Processes that have significant applications to inventory control. In particular, these conditions imply the validity of optimality equations and inequalities. They also imply the convergence of value iteration algorithms. For total discounted-cost problems only two mild conditions on the continuity of transition probabilities and lower semi-continuity of one-step costs are needed. For average-cost problems, a single additional assumption on the finiteness of relative values is required. The general results are applied to periodic-review inventory control problems with discounted and average-cost criteria without any assumptions on demand distributions. The case of partially observable states is also discussed." @default.
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- W2414837766 date "2016-10-01" @default.
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- W2414837766 title "Optimality Conditions for Inventory Control" @default.
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- W2414837766 doi "https://doi.org/10.1287/educ.2016.0145" @default.
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