Abstract
An infinite-horizon stochastic production planning problem is considered with demand assumed to be a continuous-time Markov process. Problems with control (production) and state (inventory) constraints are treated. It is shown that a unique optimal feedback solution exists. This solution is characterized in terms of a turnpike set, which the optimal inventory level approaches monotonically.
Original language | English (US) |
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Pages (from-to) | 1345-1346 |
Number of pages | 2 |
Journal | Proceedings of the IEEE Conference on Decision and Control |
State | Published - 1985 |
Externally published | Yes |
All Science Journal Classification (ASJC) codes
- Control and Systems Engineering
- Modeling and Simulation
- Control and Optimization