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A discrete-time model for perishable inventory systems

Authors Lian, Zhaotong
Neuts, Marcel F.
Liu, Liming
Issue Date 1996
Source International Conference on Management Science and the Economic Development of China, Hong Kong. Conference Proceedings , v.1, 16-19 July 1996, p. 340-348
Summary 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.
Language English
Format Conference paper
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