Convergence of estimated optimal inventory levels in models with probabilistic demands

Convergence of estimated optimal inventory levels in models with probabilistic demands

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Article ID: iaor20041464
Country: Serbia
Volume: 13
Issue: 2
Start Page Number: 217
End Page Number: 227
Publication Date: Jul 2003
Journal: Yugoslav Journal of Operations Research
Authors:
Keywords: optimization: simulated annealing
Abstract:

The behavior of estimations of the optimal inventory level is analyzed. Two models are studied. The demands follow unknown probability distribution function. The included density functions are estimated and a plug-in rule is suggested for computing estimates of the optimal levels. Two search algorithms are proposed and compared using Monte Carlo experiments.

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