International Journal of Stochastic Analysis

International Journal of Stochastic Analysis / 1997 / Article

Open Access

Volume 10 |Article ID 971978 | 8 pages | https://doi.org/10.1155/S1048953397000452

A hidden Markov model for an inventory system with perishable items

Received01 Apr 1996
Revised01 May 1997

Abstract

This paper deals with a parametric multi-period integer-valued inventory model for perishable items. Each item in the stock perishes in a given period of time with some probability. Demands are assumed to be random and the probability that an item perishes is not known with certainty. Expressions for various parameter estimates of the model are established and the problem of finding an optimal replenishment schedule is formulated as an optimal stochastic control problem.

Copyright © 1997 Hindawi Publishing Corporation. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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