Studies in Applied Probability and Management Science

Kenneth J. Arrow, Samuel Karlin, and Herbert Scarf, Editors
Stanford University Press, 1962

Preface

This volume contains a series of individual research papers in the area of applied probability and management science. Contributions are made to inventory theory, queueing and dam theory, replacement and maintenance problems, reliability structures, and capital policy. Some of the papers are parts of Ph.D. dissertations submitted to Stanford University. Several papers represent natural continuations of the studies presented in an earlier volume in this series, "Studies in the Mathematical Theory of Inventory and Production."

We wish to express our gratitude to the Office of Naval Research and the National Science Foundation for the support of much of this work.

THE EDITORS

Stanford, California
December
1961

Contents

Chapter 1. Optimal Capital Adjustments, Kenneth J. Arrow

Chapter 2. Repairman Problems, Richard E. Barlow

Chapter 3. Applications of Semi-Markov Processes to Counter Problems, Richard E. Barlow

Chapter 4. Planned Replacement, Richard E. Barlow and Frank Proschan

Chapter 5. Approximate Solutions to a Simple Multi-Echelons Inventory Problem, Andrew J. Clark and Herbert Scarf

Chapter 6. The Time-Dependent Solution for a Dam with Ordered Poisson Inputs, J. Gani

Chapter 7. Limiting Distributions for Some Storage Problems, D.P. Gaver, Jr. and R.G. Miller, Jr.

Chapter 8. Optimal Policy for Dynamic Inventory Process with Non-Stationary Stochastic Demands, D. Iglehart and S. Karlin

Chapter 9. Stochastic Models and Optimal Policy for Selling an Asset, Samuel Karlin

Chapter 10. Prices and Optimal Inventory Policy, Samuel Karlin and Charles R. Carr

Chapter 11. Markov Renewal Processes of Zero Order and Their Application to Counter Theory, Ronald Pyke

Chapter 12. Optimal Replacement and Inspection of Stochastically Failing Equipment, R. Radner and D.W. Jorgenson

Chapter 13. Approximations to Optimal Policies in a Dynamic Inventory Model, Donald M. Roberts

Chapter 14. Steady-State Properties of Selected Inventory Models, Richard C. Singleton

Chapter 15. Inventory Depletion Policies, Peter W. Zehna