Uniqueness of solution of production control problem in a manufacturing system with degenerate demand
This paper studies the production inventory problem of minimizing the expected discounted present value of production cost control in a manufacturing system with degenerate stochastic demand.We establish the existence of a unique solution of the Hamilton-Jacobi-Bellman (HJB) equation associated with...
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| Format: | Article |
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Springer US
2011
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| Online Access: | http://repo.uum.edu.my/10625/ http://dx.doi.org/10.1007/s10958-011-0459-7 |
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| Summary: | This paper studies the production inventory problem of minimizing the expected discounted present value of production cost control in a manufacturing system with degenerate stochastic demand.We establish the existence of a unique solution of the Hamilton-Jacobi-Bellman (HJB) equation associated with this problem.The optimal control is given by a solution to the corresponding HJB equation. |
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