Matches in SemOpenAlex for { <https://semopenalex.org/work/W2583012243> ?p ?o ?g. }
- W2583012243 abstract "This paper considers the optimization of the base-stock level for the classical periodic review lost-sales inventorysystem. The optimal policy for this system is not fully understood and computationally expensive to obtain.Base-stock policies for this system are asymptotically optimal as lost-sales costs approach infinity, easy toimplement and prevalent in practice. Unfortunately, the state space needed to evaluate a base-stock policyexactly grows exponentially in both the lead time and the base-stock level. We show that the dynamicsof this system can be aggregated into a one-dimensional state space description that grows linearly in thebase-stock level only by taking a non-traditional view of the dynamics. We provide asymptotics for thetransition probabilities within this single dimensional state space and show that these asymptotics have goodconvergence properties that are independent of the lead time under mild conditions on the demand distribution.Furthermore, we show that these asymptotics satisfy a certain ow conservation property. These results leadto a new and computationally efficient heuristic to set base-stock levels in lost-sales systems. In a numericalstudy we demonstrate that this approach performs better than existing heuristics with an average gap withthe best base-stock policy of 0.01% across a large test-bed." @default.
- W2583012243 created "2017-02-03" @default.
- W2583012243 creator A5009413528 @default.
- W2583012243 creator A5028085432 @default.
- W2583012243 creator A5032712683 @default.
- W2583012243 creator A5058772154 @default.
- W2583012243 date "2015-12-20" @default.
- W2583012243 modified "2023-09-25" @default.
- W2583012243 title "Base-stock policies for lost-sales models: aggregation and asymptotics" @default.
- W2583012243 cites W1487146109 @default.
- W2583012243 cites W1506225902 @default.
- W2583012243 cites W1514890731 @default.
- W2583012243 cites W1521706158 @default.
- W2583012243 cites W1528302417 @default.
- W2583012243 cites W1528500442 @default.
- W2583012243 cites W1538356854 @default.
- W2583012243 cites W1544504626 @default.
- W2583012243 cites W1548305329 @default.
- W2583012243 cites W1551518336 @default.
- W2583012243 cites W1552451062 @default.
- W2583012243 cites W1553595541 @default.
- W2583012243 cites W1572948250 @default.
- W2583012243 cites W1578167349 @default.
- W2583012243 cites W1589773975 @default.
- W2583012243 cites W1595746168 @default.
- W2583012243 cites W1597424211 @default.
- W2583012243 cites W1598385458 @default.
- W2583012243 cites W1634963104 @default.
- W2583012243 cites W1713327175 @default.
- W2583012243 cites W1830826594 @default.
- W2583012243 cites W1858207617 @default.
- W2583012243 cites W1908434430 @default.
- W2583012243 cites W1966833530 @default.
- W2583012243 cites W1971717092 @default.
- W2583012243 cites W1972476182 @default.
- W2583012243 cites W1978820049 @default.
- W2583012243 cites W1992926909 @default.
- W2583012243 cites W1993041547 @default.
- W2583012243 cites W2003353625 @default.
- W2583012243 cites W2008840711 @default.
- W2583012243 cites W2008853415 @default.
- W2583012243 cites W2015718537 @default.
- W2583012243 cites W2017113503 @default.
- W2583012243 cites W2021380229 @default.
- W2583012243 cites W2050170393 @default.
- W2583012243 cites W2053243939 @default.
- W2583012243 cites W2059470728 @default.
- W2583012243 cites W2059679392 @default.
- W2583012243 cites W2065132821 @default.
- W2583012243 cites W2071673544 @default.
- W2583012243 cites W2072338670 @default.
- W2583012243 cites W2081953581 @default.
- W2583012243 cites W2086834950 @default.
- W2583012243 cites W2089589302 @default.
- W2583012243 cites W2102703811 @default.
- W2583012243 cites W2102918325 @default.
- W2583012243 cites W2103676410 @default.
- W2583012243 cites W2104539438 @default.
- W2583012243 cites W2105736392 @default.
- W2583012243 cites W2106887133 @default.
- W2583012243 cites W2107115498 @default.
- W2583012243 cites W2107135164 @default.
- W2583012243 cites W2107166542 @default.
- W2583012243 cites W2107357364 @default.
- W2583012243 cites W2109593166 @default.
- W2583012243 cites W2111030093 @default.
- W2583012243 cites W2113615766 @default.
- W2583012243 cites W2118030251 @default.
- W2583012243 cites W2118313703 @default.
- W2583012243 cites W2119378474 @default.
- W2583012243 cites W2123060735 @default.
- W2583012243 cites W2123093598 @default.
- W2583012243 cites W2123830469 @default.
- W2583012243 cites W2126766840 @default.
- W2583012243 cites W2128674029 @default.
- W2583012243 cites W2129487943 @default.
- W2583012243 cites W2134869213 @default.
- W2583012243 cites W2135195886 @default.
- W2583012243 cites W2135482736 @default.
- W2583012243 cites W2142702411 @default.
- W2583012243 cites W2143560686 @default.
- W2583012243 cites W2146477851 @default.
- W2583012243 cites W2146717958 @default.
- W2583012243 cites W2148615695 @default.
- W2583012243 cites W2151170905 @default.
- W2583012243 cites W2153051274 @default.
- W2583012243 cites W2153150459 @default.
- W2583012243 cites W2154155799 @default.
- W2583012243 cites W2156650640 @default.
- W2583012243 cites W2161731530 @default.
- W2583012243 cites W2163419213 @default.
- W2583012243 cites W2164655620 @default.
- W2583012243 cites W2164732099 @default.
- W2583012243 cites W2164900907 @default.
- W2583012243 cites W2166987678 @default.
- W2583012243 cites W2167596997 @default.
- W2583012243 cites W2168638854 @default.
- W2583012243 cites W2169062574 @default.
- W2583012243 cites W2169962896 @default.
- W2583012243 cites W2170712470 @default.