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The discounted (R,Q) inventory model: The Shrewd Accountant's Heuristic
Linnaeus University, Faculty of Technology, Department of Mechanical Engineering.
Linnaeus University, Faculty of Technology, Department of Mechanical Engineering.
2014 (English)In: International Journal of Production Economics, ISSN 0925-5273, E-ISSN 1873-7579, Vol. 149, p. 17-27Article in journal (Refereed) Published
Abstract [en]

The discounted continuous-review (R,Q) inventory model with continuous and stochastic demand is investigated.  New optimality conditions are derived, clarifying the difference to the average cost case, also graphically. Supported by depreciation theory, applied to the value of a setup, the results suggest an insightful and very precise approximation – The Shrewd Accountant’s Heuristic – based on a new average-cost model. It deepens and extends the work of Hadley (1964). Three examples are worked out in detail and the model is generalized to Poisson demand and to stochastic lead-times.

Place, publisher, year, edition, pages
Elsevier, 2014. Vol. 149, p. 17-27
Keywords [en]
Discounting, Average cost, (R, Q) inventorypolicies, Depreciations, Interestrates
National Category
Mechanical Engineering
Research subject
Technology (byts ev till Engineering), Mechanical Engineering
Identifiers
URN: urn:nbn:se:lnu:diva-32596DOI: 10.1016/j.ijpe.2013.02.010ISI: 000332439600003Scopus ID: 2-s2.0-84893776512OAI: oai:DiVA.org:lnu-32596DiVA, id: diva2:700219
Available from: 2014-03-04 Created: 2014-03-04 Last updated: 2017-12-05Bibliographically approved

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Farvid, MojtabaRosling, Kaj

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More styles
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  • de-DE
  • en-GB
  • en-US
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  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
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  • text
  • asciidoc
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