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Minimax Solutions of Economic Criterion Models

  • Baoding Liu
  • Augustine O. Esogbue
Chapter
  • 145 Downloads
Part of the International Series in Operations Research & Management Science book series (ISOR, volume 20)

Abstract

Most of the models in inventory theory make the assumption that either the future demand is known precisely, or that it may be described by a definite probability distribution. This was the case with the models discussed in the previous chapters. As a departure, Scarf[132] considered a one-stage inventory model in which only the mean and deviation of the distribution are assumed to be known. Scarf[132] then proved that an optimal inventory policy exists which maximizes the minimum profit per stage, considering all distributions with the given mean and deviation.

Keywords

Convex Function Inventory System Inventory Model Game Model Demand Distribution 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media New York 1999

Authors and Affiliations

  • Baoding Liu
    • 1
  • Augustine O. Esogbue
    • 2
  1. 1.Department of Applied MathematicsTsinghua UniversityBeijingChina
  2. 2.School of Industrial and Systems EngineeringGeorgia Institute of TechnologyAtlantaUSA

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