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01956cas a2200325 a 4500 |
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AALejournalIMF001407 |
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|c 5.00 USD
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|z 9781451859300
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Larson, Erik.
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|a Optimal Inventory Policies when the Demand Distribution is not Known /
|c Erik Larson, Sunil Sharma, Lars Olson.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2000.
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| 300 |
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|a 1 online resource (24 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper analyzes the stochastic inventory control problem when the demand distribution is not known. In contrast to previous Bayesian inventory models, this paper adopts a non-parametric Bayesian approach in which the firm's prior information is characterized by a Dirichlet process prior. This provides considerable freedom in the specification of prior information about demand and it permits the accommodation of fixed order costs. As information on the demand distribution accumulates, optimal history-dependent (s,S) rules are shown to converge to an (s,S) rule that is optimal when the underlying demand distribution is known.
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|a Mode of access: Internet
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|a Bayesian Analysis
|2 imf
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|a Distribution Function
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|a Non-Bank Financial Institutions
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|a Pension Funds
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|a WP
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|a Olson, Lars.
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|a Sharma, Sunil.
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|a IMF Working Papers; Working Paper ;
|v No. 2000/183
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2000/183/001.2000.issue-183-en.xml
|z IMF e-Library
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