Direct solution of Riccati equation arising in inventory production control in a Stochastic manufacturing system
International Journal of Physical Sciences, cilt.5, sa.7, ss.931-934, 2010 (SCI-Expanded, Scopus)
- 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.