Markovian Demand Inventory Models

This book contains the most complete, rigorous mathematical treatment of the classical dynamic inventory model with stochastics demands that I am aware of. Emphasis is placed on a demand structure governed by a discrete time Markov chain. The state of the Markov chain determines the demand distribution for the period in question. Under this more general demand structure, (s,S) ordering policies are still shown to be optimal. The mathematical level is advanced and the book would be most appropriate for a specialized course at the Ph.D. level.Donald L. IglehartProfessor Emeritus of Operations Research, Stanford UniversityThis book provides a comprehensive mathematical presentation of (s,S) inventory models and affords readers thorough coverage of the analytic tools used to establish theoretical results. Markovian demand models are central in the extensive scientific literature on inventory theory, and this volume reviews all the important conceptual developments of the subject.Harvey M. WagnerUniversity of North Carolina at Chapel HillBeyer, Cheng, Sethi and Taksar have done a fine job of bringing together many of the central results about this important class of models. The book will be useful to anyone interested in inventory theory.Paul ZipkinDuke University