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A Discrete-Time Model for Common Lifetime Inventory Systems
Zhaotong Lian1; Liming Liu2; Marcel F. Neuts3
2005-08
Source PublicationMathematics of Operations Research
ABS Journal Level3
ISSN0364-765X
Volume30Issue:3Pages:718-732
Abstract

We consider a discrete-time (s, S) inventory model in which the stored items have a random common lifetime with a discrete phase-type distribution. Demands arrive in batches following a discrete phase-type renewal process. With zero lead time and allowing backlogs, we construct a multidimensional Markov chain to model the inventory-level process. We obtain a closed-form expected cost function. Numerical results demonstrate some properties of optimal ordering policies and cost functions. When compared with the results for the constant lifetime model, the variance of the lifetime significantly affects the system behavior. Thus, the formalism that we create here adds a new dimension to the research in perishable inventory control under uncertainty in lifetime.

KeywordDiscrete-time Model Optimization Perishable Inventory Random Common Lifetime
DOI10.1287/moor.1040.0133
URLView the original
Indexed BySCIE
Language英語English
WOS Research AreaOperations Research & Management Science ; Mathematics
WOS SubjectOperations Research & Management Science ; Mathematics, Applied
WOS IDWOS:000231792300010
PublisherINFORMS, 5521 RESEARCH PARK DR, SUITE 200, CATONSVILLE, MD 21228 USA
The Source to ArticleScopus
Scopus ID2-s2.0-31144444269
Fulltext Access
Citation statistics
Document TypeJournal article
CollectionDEPARTMENT OF ACCOUNTING AND INFORMATION MANAGEMENT
University of Macau
Corresponding AuthorZhaotong Lian
Affiliation1.University of Macau
2.Hong Kong University of Science and Technology
3.University of Arizona
First Author AffilicationUniversity of Macau
Corresponding Author AffilicationUniversity of Macau
Recommended Citation
GB/T 7714
Zhaotong Lian,Liming Liu,Marcel F. Neuts. A Discrete-Time Model for Common Lifetime Inventory Systems[J]. Mathematics of Operations Research, 2005, 30(3), 718-732.
APA Zhaotong Lian., Liming Liu., & Marcel F. Neuts (2005). A Discrete-Time Model for Common Lifetime Inventory Systems. Mathematics of Operations Research, 30(3), 718-732.
MLA Zhaotong Lian,et al."A Discrete-Time Model for Common Lifetime Inventory Systems".Mathematics of Operations Research 30.3(2005):718-732.
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