| Article ID: | iaor19982604 |
| Country: | United States |
| Volume: | 10 |
| Issue: | 4 |
| Start Page Number: | 423 |
| End Page Number: | 430 |
| Publication Date: | Oct 1997 |
| Journal: | Journal of Applied Mathematics and Stochastic Analysis |
| Authors: | Benkherouf Lakdere, Tadj L., Aggoun L. |
| Keywords: | markov processes |
This paper deals with a parametric multi-period integer-valued inventory model for perishable items. Each item in the stock perishes in a given period of time with some probability. Demands are assumed to be random and the probability that an item perishes is not known with certainty. Expressions for various parameter estimates of the model are established and the problem of finding an optimal replenishment schedule is formulated as an optimal stochastic control problem.