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A hidden Markov model for an inventory system with perishable items. (English) Zbl 0896.60074
Summary: 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.

MSC:
60K30 Applications of queueing theory (congestion, allocation, storage, traffic, etc.)
60J10 Markov chains (discrete-time Markov processes on discrete state spaces)
90B05 Inventory, storage, reservoirs
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