Abstract
An outline of impulsive control and its applications in management is reviewed. Conditions for optimal impulsive controls when the dynamic process is given by a stochastic differential equation with Wiener and jump processes are given. Applications to inventory control, capacity expansion, vehicle dispatching, maintenance-replacement-inspection, and pricing problems are formulated, and optimality conditions found. Although there are many other applications that can be outlined, these provide some motivation for further study in this emerging field.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 419-442 |
| Number of pages | 24 |
| Journal | Journal of Optimization Theory and Applications |
| Volume | 37 |
| Issue number | 4 |
| DOIs | |
| State | Published - Aug 1982 |
Keywords
- Optimal stochastic control
- dynamic programming
- impulsive control
- management
ASJC Scopus subject areas
- Control and Optimization
- Management Science and Operations Research
- Applied Mathematics