Skip to main content
SpringerLink
Log in

Bounds for the approximation of dynamic programs

  • Published:
Zeitschrift für Operations Research Aims and scope Submit manuscript

Summary

We consider a general finite stage dynamic programming model. Bounds are derived for the approximation of the minimum expected total cost and of the optimal policy. The theory is applied to an inventory model to give bounds for “good” order policies.

Zusammenfassung

Es wird ein allgemeines dynamisches Optimierungsmodell mit endlichem Horizont betrachtet. Für verschiedene Näherungsverfahren für die minimalen erwarteten Gesamtkosten und die optimale Politik werden Schranken angegeben. Die Theorie wird sodann auf ein Lagerhaltungsmodell angewandt, um Schranken für „gute“ Bestellpolitiken zu erhalten.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Similar content being viewed by others

References

  • Hinderer K (1970) Foundations of non-stationary dynamic programming with discrete time parameter. Springer, Berlin Heidelberg New York

    Google Scholar 

  • Hinderer K (1976) Estimates for finite-stage dynamic programs. Journal of Mathematical Analysis and Applications 55:207–238

    Google Scholar 

  • Hinderer K (1971) Instationäre dynamische Optimierung bei schwachen Voraussetzungen über die Gewinnfunktionen. Abh Math Sem Univ Hamburg 36:208–223

    Google Scholar 

  • Klemm H, Mikut M (1972) Lagerhaltungsmodelle. Die Wirtschaft, Berlin

  • Norman J, White D (1968) A method for approximate solutions of stochastic dynamic programming problems using expectations. OR 16:296–306

    Google Scholar 

  • Porteus EL (1979) An adjustment to the Norman-White approach to approximating dynamic programs. OR 27:1203–1208

    Google Scholar 

  • Schäl M (1975) Conditions for optimality in dynamic programming and for the limit ofn-stage optimal policies to be optimal. Z Wahrscheinlichkeitstheorie und Verw Gebiete 32:178–186

    Google Scholar 

  • Schäl M (1976) On the optimality of (s, S)-policies in dynamic inventory models with finite horizon. SIAM J Appl Math 30:528–537

    Google Scholar 

  • Veinott AF (1966) On the optimality of (s, S)-inventory policies: new conditions and a new proof. SIAM J Appl Math 14:1067–1083

    Google Scholar 

  • Veinott AF, Wagner H (1965) Computing optimal (s, S)-inventory policies. Management Sci 11:525–552

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Institut für Mathematische Statistik, Universität Karlsruhe, Englerstraße 2, D-7500, Karlsruhe 1

    Harald Benzing

Authors
  1. Harald Benzing
    View author publications

    You can also search for this author in PubMed Google Scholar

Rights and permissions

Reprints and permissions

About this article

Cite this article

Benzing, H. Bounds for the approximation of dynamic programs. Zeitschrift für Operations Research 30, A65–A77 (1986). https://doi.org/10.1007/BF01918632

Download citation

  • Received:

  • Revised:

  • Issue Date:

  • DOI: https://doi.org/10.1007/BF01918632

Key words

Search

Navigation