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An International Journal of Optimization and Control: Theories & Applications
Number of Followers: 13

This is an Open Access Journal

Open Access journal
ISSN (Print) 2146-0957 - ISSN (Online) 2146-5703
Published by Balikesir University

[1 journal]

Analysis of make-to-stock queues with general processing times and
start-up and lost sales costs
- Authors: Sinem Özkan; Önder Bulut
  Abstract: We consider a make-to-stock environment with a single production unit that corresponds to a single machine or a line. Production and hence inventory are controlled by the two-critical-number policy. Production times are independent and identically distributed general random variables and demands are generated according to a stationary Poisson process. We model this production-inventory system as an M/G/1 make-to-stock queue. The main contribution of the study is to extend the control of make-to-stock literature by considering general production times, lost sales and fixed production costs at the same time. We characterize the long-run behaviour of the system and also propose a simple but very effective approximation to calculate the control parameters of the two-critical-number policy. An extensive numerical study exhibits the effects of the production time distribution, start-up cost and traffic intensity on the optimal policy parameters and system cost.
  PubDate: Sat, 23 Oct 2021 00:00:00 +030
On a special case of non-symmetric resource extraction games with
unbounded payoffs
- Authors: Illia Sylenko
  Abstract: The game of resource extraction/capital accumulation is a stochastic infinite-horizon game, which models a joint utilization of a productive asset over time. The paper complements the available results on pure Markov perfect equilibrium existence in the non-symmetric game setting with an arbitrary number of agents. Moreover, we allow that the players have unbounded utilities and relax the assumption that the stochastic kernels of the transition probability must depend only on the amount of resource before consumption. This class of the game has not been examined beforehand. However, we could prove the Markov perfect equilibrium existence only in the specific case of interest. Namely, when the players have constant relative risk aversion (CRRA) power utilities and the transition law follows a geometric random walk in relation to the joint investment. The setup with the chosen characteristics is motivated by economic considerations, which makes it relevant to a certain range of real-word problems.
  PubDate: Tue, 14 Sep 2021 00:00:00 +030

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