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Optimal Multiperiod Inventory Decisions with Partially Observed Markovian Supply Information

Optimal Multiperiod Inventory Decisions with Partially Observed Markovian Supply Information. Haifeng Wang CFINS, Dept. of Automation, Tsinghua University, Beijing, China Houmin Yan Dept. of SEEM, the Chinese University of Hong Kong.

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Optimal Multiperiod Inventory Decisions with Partially Observed Markovian Supply Information

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  1. Optimal Multiperiod Inventory Decisions with Partially Observed Markovian Supply Information Haifeng WangCFINS, Dept. of Automation, Tsinghua University, Beijing, ChinaHoumin YanDept. of SEEM, the Chinese University of Hong Kong • A new model for supply capacity forecast based on partial supply information: • if the ordering quantity is greater than the current period supply capacity, the buyer observes the value of the current period supply capacity • otherwise, the buyer knows that the current period supply capacity is greater than its ordering quantity. • Optimal inventory policy • Existence • Uniqueness Demand forecast Supply forecast Inventory control How to use censored historical data on supply capacity? Maintain a high customer-service rate without holding too much leftover inventory

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