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Title: A discrete-time model for perishable inventory systems
Authors: Lian, Zhaotong
Neuts, Marcel F.
Liu, Liming
Keywords: Inventory
Phase type
Markov chain
Cost function
Issue Date: 1996
Citation: International Conference on Management Science and the Economic Development of China, July 16-19, 1996, Hong Kong. Conference Proceedings vol 1, p. 340-348
Abstract: In this paper we consider a discrete-time (s, S) model for perishable inventory in which the stored items have a common lifetime with a discrete phase-type distribution. We assume that demands arrive in batches following a discrete PH-renewal process, the lead time is zero and shortages are permitted. By constructing a multi-dimensional Markov chain, we obtain closed form solutions for the steady state probability distribution of the inventory level and for other system performance measures. We then construct a closed form expected cost function. We also discuss a special case in which the common lifetime is a constant and provide a numerical example.
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