Direct solution of Riccati equation arising in inventory production control in a Stochastic manufacturing system

Baten M. A., KAMIL A. A.

International Journal of Physical Sciences, cilt.5, sa.7, ss.931-934, 2010 (SCI-Expanded) identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 5 Sayı: 7
  • Basım Tarihi: 2010
  • Dergi Adı: International Journal of Physical Sciences
  • Derginin Tarandığı İndeksler: Science Citation Index Expanded (SCI-EXPANDED), Scopus
  • Sayfa Sayıları: ss.931-934
  • Anahtar Kelimeler: Inventory production models, Manufacturing systems, Stochastic differential equations
  • İstanbul Gelişim Üniversitesi Adresli: Hayır

Özet

We studied the production inventory problem in a manufacturing system with degenerate Stochastic demand. We derived the dynamics of inventory-demand ratio that evolves according to Stochastic neoclassical differential equation through Ito's Lemma. We established the Riccati based solution of the Hamilton- Jacobi-Bellman (HJB) equation associated with this problem. © 2010 Academic Journals.