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DETERMINATION OF THE OPTIMAL PRODUCTION OUTPUT UNDER INFORMATIONAL UNCERTAINTY OF DEMAND
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DETERMINATION OF THE OPTIMAL PRODUCTION OUTPUT UNDER INFORMATIONAL UNCERTAINTY OF DEMAND
Annotation
PII
S042473880000616-6-1
Publication type
Article
Status
Published
Authors
Vera Bukhvalova  Andrey Petrusevich
Edition
Volume 47 Issue 2
Pages
3-23
Abstract

We consider a problem of finding optimal production output when the product price is fixed and demand is not stochastic but unknown–the firm meets with informational uncertainty. We get the optimal multi-step strategy to find production output, which minimizes the expected total cost of production (including alternative costs). The case of constant rate changes in demand is considered. It is necessary to treat differently finite-step and infinite-step models. The potential of the model is illustrated on the case of the product policy in ZAO “Ford Motor Company” in 2000s.

Keywords
Stochastic model, production output, demand uncertainty, optimal strategy
Date of publication
01.04.2011
Number of purchasers
1
Views
936
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