ASYMPTOTIC RESULTS FOR AN INVENTORY MODEL OF TYPE (s, S) WITH A GENERALIZED BETA INTERFERENCE OF CHANCE

ASYMPTOTIC RESULTS FOR AN INVENTORY MODEL OF TYPE (s, S) WITH A GENERALIZED BETA INTERFERENCE OF CHANCE

Tahir Khaniyev    Cihan Aksop    

[PDF]

Abstract

In this study, asymptotic expansion for ergodic distribution of an inventory control model of type (s, S) with generalized beta interference of chance is obtained, when S - s → ∞. Moreover, weak convergence theorem is proved for ergodic distribu- tion. Finally, the accuracy of the asymptotic expansion is examined with Monte Carlo simulation method.

Keywords

Inventory model of type (s, S), renewal-reward process, generalized beta distribution, asymptotic expansion, weak convergence, Monte Carlo simulation