(S - 1,S) policies for perishable inventory

Article Abstract:

Policies of the form (S - 1,S) are considered for a single item whose lifetime is fixed and known with certainty. The policy provides a starting point for the analysis of perishables with positive order leadtime and, because it is known to be optimal for a version of the corresponding infinite lifetime problem, it provides a reasonable approximation to the true optimal policy. All of the previous research has assumed infinite lifetime; the inclusion of perishability requires an entirely new analysis because the stochastic process corresponding to the number of units in inventory is no longer Markovian. An example is also developed to demonstrate how the model could be used to determine an optimal maintenance interval for a pool of operating equipment.

Inventory control, Stochastic processes

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Computationally manageable combinational auctions

Article Abstract:

A study was conducted to examine computationally manageable combinational auctions. In simultaneous auctions, where the value of assets to bidders is determined by the other assets they win, bidders may opt to make bids for groups of assets. This situation leads to the problem of ascertaining the revenue maximizing combination of non-conflicting bids. To solve the problem, a number of structures of allowed combinatorial bids were identified. Some of the bids displayed computational manageability while others did not. Modeling bidder behavior was performed by determining the required size of a bid on a certain combination to ensure winning the bid, when presented with a set of competing bids for overlapping combinations.

Computational complexity, Computational complexity (Machine theory), Auctions

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Stochastic models of internal mail delivery systems

Article Abstract:

Two stochastic models are given on the internal mail delivery system whereby one clerk picks up the mail, sorts the mail, and delivers the mail within a closed circle of offices. The difference between the two systems is a function of whether the delivery is on time or is not on time. System mail is generated by a stationary Poisson process and the case for the projected delay between letter generation and letter delivery is the result of mail sorted during each round before the upcoming delivery.

Usage, Stochastic analysis, Postal service, Mail sorting

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