Journal of Applied Mathematics and Stochastic Analysis
Volume 10 (1997), Issue 4, Pages 423-430
doi:10.1155/S1048953397000452
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.