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Technical Note-Constant-Order Policies for Lost-Sales Inventory Models with Random Supply Functions: Asymptotics and Heuristic

文献类型：期刊论文

作者Bu, Jinzhi3; Gong, Xiting1; Yao, Dacheng2
刊名OPERATIONS RESEARCH
出版日期2020-07-01
卷号68期号:4页码:1063-1073
关键词inventory lost sales random supply function constant-order policy lead time penalty cost
ISSN号0030-364X
DOI10.1287/opre.2019.1971
英文摘要We consider an infinite-horizon lost-sales inventory model where the supply takes positive lead times and is a random function of the order quantity (e.g., random yield/capacity). The optimal policy for this model is computationally intractable, and no heuristic has been proposed in the literature. In this paper, we focus on a simple class of constant-order policies (COPs) that place the same order in every period regardless of the system state. Under some assumptions on the random supply function, we prove that the best COP is asymptotically optimal with large lead times, and the optimality gap converges to zero exponentially fast in the lead time. We also prove that if the mean supply capacity is less than the mean demand, then the best COP is also asymptotically optimal with large penalty costs; otherwise, the long-run average cost of the best COP asymptotically increases at the rate of the square root of the penalty cost. Further, we construct a simple heuristic COP and show that it performs very close to the best COP. Finally, we provide a numerical study to derive further insights into the performance of the best COP.
资助项目Chinese University of Hong Kong (CUHK) Direct Grant[4057117] ; Hong Kong Research Grants Council (RGC) General Research Fund[CUHK14200718] ; Hong Kong Research Grants Council (RGC) General Research Fund[CUHK14500215] ; National Natural Science Foundation of China[11771432] ; National Natural Science Foundation of China[11401566]
WOS研究方向Business & Economics ; Operations Research & Management Science
语种英语
WOS记录号WOS:000556374400007
出版者INFORMS
源URL[http://ir.amss.ac.cn/handle/2S8OKBNM/51946]  
专题应用数学研究所
通讯作者Gong, Xiting
作者单位1.Chinese Univ Hong Kong, CUHK Business Sch, Dept Decis Sci & Managerial Econ, Shatin, Hong Kong, Peoples R China
2.Chinese Acad Sci, Acad Math & Syst Sci, Inst Appl Math, Beijing 100190, Peoples R China
3.MIT, Inst Data Syst & Soc, 77 Massachusetts Ave, Cambridge, MA 02139 USA
推荐引用方式
GB/T 7714		 Bu, Jinzhi,Gong, Xiting,Yao, Dacheng. Technical Note-Constant-Order Policies for Lost-Sales Inventory Models with Random Supply Functions: Asymptotics and Heuristic[J]. OPERATIONS RESEARCH,2020,68(4):1063-1073.
APA Bu, Jinzhi,Gong, Xiting,&Yao, Dacheng.(2020).Technical Note-Constant-Order Policies for Lost-Sales Inventory Models with Random Supply Functions: Asymptotics and Heuristic.OPERATIONS RESEARCH,68(4),1063-1073.
MLA Bu, Jinzhi,et al."Technical Note-Constant-Order Policies for Lost-Sales Inventory Models with Random Supply Functions: Asymptotics and Heuristic".OPERATIONS RESEARCH 68.4(2020):1063-1073.

入库方式： OAI收割

来源：数学与系统科学研究院

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