Application of calculus of variations to a continuous time aggregate production model

Application of calculus of variations to a continuous time aggregate production model

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Article ID: iaor19961149
Country: Netherlands
Volume: 41
Issue: 1/3
Start Page Number: 273
End Page Number: 280
Publication Date: Oct 1995
Journal: International Journal of Production Economics
Authors:
Keywords: aggregate planning
Abstract:

The production problem of balancing inventory and production costs in a continuous-time production model was first analyzed by Arrow and Karlin. An extension of their model is discussed where overtime and hiring-firing costs are considered. In this paper an application of calculus of variations leads to the consideration of the Euler-Lagrange equations combined with Karush-Kuhn-Tucker conditions.

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