메뉴 건너뛰기




Volumn 56, Issue 8, 2010, Pages 1362-1379

Optimal control and equilibrium behavior of production-inventory systems

Author keywords

Optimal control; Petroleum industry; Production inventory system; Rational expectations equilibrium

Indexed keywords

ACROSS TIME; DEMAND SHOCKS; EMPIRICAL EVIDENCE; EQUILIBRIUM BEHAVIOR; FINISHED GOODS; GROSS MARGIN; INPUT AND OUTPUTS; MARKET PRICE; OPTIMAL CONTROLS; PRICE VARIATION; PRODUCTION STAGE; PRODUCTION-INVENTORY SYSTEM; RATIONAL EXPECTATIONS; SINGLE STAGE; SUPPLY AND DEMAND; TWO STAGE; TWO-DIMENSION;

EID: 77955605562     PISSN: 00251909     EISSN: 15265501     Source Type: Journal    
DOI: 10.1287/mnsc.1100.1186     Document Type: Article
Times cited : (38)

References (37)
  • 1
    • 0022667867 scopus 로고
    • Optimal control of production rate in a failure prone manufacturing system
    • Akella, R., P. R. Kumar. 1986. Optimal control of production rate in a failure prone manufacturing system. IEEE Trans. Automatic Control 31 (2) 116-126.
    • (1986) IEEE Trans. Automatic Control , vol.31 , Issue.2 , pp. 116-126
    • Akella, R.1    Kumar, P.R.2
  • 2
    • 0037616536 scopus 로고    scopus 로고
    • Price relationships in the petroleum market: An analysis of crude oil and refined product prices
    • Asche, F., O. Gjølberg, T. Völker. 2003. Price relationships in the petroleum market: An analysis of crude oil and refined product prices. Energy Econom. 25 (3) 289-301.
    • (2003) Energy Econom , vol.25 , Issue.3 , pp. 289-301
    • Asche, F.1    Gjølberg, O.2    Völker, T.3
  • 3
    • 0024037430 scopus 로고
    • Optimality of zero-inventory policies for unreliable manufacturing systems
    • Bielecki, T., P. R. Kumar. 1988. Optimality of zero-inventory policies for unreliable manufacturing systems. Oper. Res. 36 (4) 532-541.
    • (1988) Oper. Res. , vol.36 , Issue.4 , pp. 532-541
    • Bielecki, T.1    Kumar, P.R.2
  • 4
    • 0002341396 scopus 로고
    • The supply of storage
    • Brennan, M. J. 1958. The supply of storage. Amer. Econom. Rev. 47 (1) 50-72.
    • (1958) Amer. Econom. Rev. , vol.47 , Issue.1 , pp. 50-72
    • Brennan, M.J.1
  • 5
    • 0001603924 scopus 로고
    • Evaluating natural resource investments
    • Brennan, M. J., E. S. Schwartz. 1985. Evaluating natural resource investments. J. Bus. 58 (2) 135-157.
    • (1985) J. Bus , vol.58 , Issue.2 , pp. 135-157
    • Brennan, M.J.1    Schwartz, E.S.2
  • 6
    • 77955623599 scopus 로고    scopus 로고
    • Is the storage model a 'closed' empirical issue? The empirical ability of the storage model to explain price dynamics
    • A. Sarris, D. Hallam, eds, Edward Elgar, Cheltenham, UK
    • Cafiero, C., B. D. Wright. 2006. Is the storage model a 'closed' empirical issue? The empirical ability of the storage model to explain price dynamics. A. Sarris, D. Hallam, eds. Agricultural Commodity Markets and Trade: New Approaches to Analyzing Market Structure and Instability. Edward Elgar, Cheltenham, UK, 89-114.
    • (2006) Agricultural Commodity Markets and Trade: New Approaches to Analyzing Market Structure and Instability , pp. 89-114
    • Cafiero, C.1    Wright, B.D.2
  • 7
    • 0035268971 scopus 로고    scopus 로고
    • Optimal policies for multiechelon inventory problems with Markov-modulated demand
    • Chen, F., J. Song. 2001. Optimal policies for multiechelon inventory problems with Markov-modulated demand. Oper. Res. 49 (2) 226-234.
    • (2001) Oper. Res. , vol.49 , Issue.2 , pp. 226-234
    • Chen, F.1    Song, J.2
  • 8
    • 0031419151 scopus 로고    scopus 로고
    • Inventories under joint production: An empirical analysis of petroleum refining
    • Considine, T. J. 1997. Inventories under joint production: An empirical analysis of petroleum refining. Rev. Econom. Statist. 79 (3) 493-502.
    • (1997) Rev. Econom. Statist. , vol.79 , Issue.3 , pp. 493-502
    • Considine, T.J.1
  • 9
    • 0035450865 scopus 로고    scopus 로고
    • Uncertainty and the convenience yield in crude oil price backwardations
    • Considine, T. J., D. F. Larson. 2001. Uncertainty and the convenience yield in crude oil price backwardations. Energy Econom. 23 (5) 533-548.
    • (2001) Energy Econom , vol.23 , Issue.5 , pp. 533-548
    • Considine, T.J.1    Larson, D.F.2
  • 10
    • 0000334217 scopus 로고
    • An intertemporal general equilibrium model of asset prices
    • Cox, J. C., J. E. Ingersoll, S. A. Ross. 1985. An intertemporal general equilibrium model of asset prices. Econometrica 53 (2) 363-384.
    • (1985) Econometrica , vol.53 , Issue.2 , pp. 363-384
    • Cox, J.C.1    Ingersoll, J.E.2    Ross, S.A.3
  • 11
    • 84963034558 scopus 로고
    • On the behavior of commodity prices
    • Deaton, A., G. Laroque. 1992. On the behavior of commodity prices. Rev. Econom. Stud. 59 (1) 1-23.
    • (1992) Rev. Econom. Stud. , vol.59 , Issue.1 , pp. 1-23
    • Deaton, A.1    Laroque, G.2
  • 12
    • 0000271915 scopus 로고    scopus 로고
    • Competitive storage and commodity price dynamics
    • Deaton, A., G. Laroque. 1996. Competitive storage and commodity price dynamics. J. Political Econom. 104 (5) 896-923.
    • (1996) J. Political Econom , vol.104 , Issue.5 , pp. 896-923
    • Deaton, A.1    Laroque, G.2
  • 13
    • 84977703346 scopus 로고
    • Business cycles and the behavior of metals prices
    • Fama, E. F., K. R. French. 1988. Business cycles and the behavior of metals prices. J. Finance 43 (5) 1075-1093.
    • (1988) J. Finance , vol.43 , Issue.5 , pp. 1075-1093
    • Fama, E.F.1    French, K.R.2
  • 14
    • 0023455979 scopus 로고
    • An optimal stochastic production planning problem with randomly fluctuating demand
    • Fleming, W. H., S. P. Sethi, H. M. Soner. 1987. An optimal stochastic production planning problem with randomly fluctuating demand. SIAM J. Control Optim. 25 (6) 1494-1502.
    • (1987) SIAM J. Control Optim. , vol.25 , Issue.6 , pp. 1494-1502
    • Fleming, W.H.1    Sethi, S.P.2    Soner, H.M.3
  • 15
    • 2042482076 scopus 로고    scopus 로고
    • Periodic review inventory control with fluctuating purchasing costs
    • Gavirneni, S. 2004. Periodic review inventory control with fluctuating purchasing costs. Oper. Res. Lett. 32 (4) 374-379.
    • (2004) Oper. Res. Lett. , vol.32 , Issue.4 , pp. 374-379
    • Gavirneni, S.1
  • 16
    • 84977738249 scopus 로고
    • Stochastic convenience yield and the pricing of oil contingent claims
    • Gibson, R., E. S. Schwartz. 1990. Stochastic convenience yield and the pricing of oil contingent claims. J. Finance 45 (3) 959-976.
    • (1990) J. Finance , vol.45 , Issue.3 , pp. 959-976
    • Gibson, R.1    Schwartz, E.S.2
  • 17
    • 77955591565 scopus 로고    scopus 로고
    • Goldman Sachs Commodity Research, Special publication from Commodity Research, August 17. The Goldman Sachs Group, New York
    • Goldman Sachs Commodity Research. 2005. Reassessing long-term oil prices: Finding a new equilibrium. Special publication from Commodity Research, August 17. The Goldman Sachs Group, New York.
    • (2005) Reassessing Long-term Oil Prices: Finding A New Equilibrium
  • 18
    • 0003410290 scopus 로고
    • Princeton University Press, Princeton, NJ
    • Hamilton, J. D. 1994. Time Series Analysis. Princeton University Press, Princeton, NJ.
    • (1994) Time Series Analysis
    • Hamilton, J.D.1
  • 19
    • 0020798744 scopus 로고
    • Instantaneous control of Brownian motion
    • Harrison, J. M., M. I. Taksar. 1983. Instantaneous control of Brownian motion. Math. Oper. Res. 8 (3) 439-453.
    • (1983) Math. Oper. Res. , vol.8 , Issue.3 , pp. 439-453
    • Harrison, J.M.1    Taksar, M.I.2
  • 21
    • 34250249986 scopus 로고
    • Optimal discounted linear control of the Wiener process
    • Karatzas, I. 1980. Optimal discounted linear control of the Wiener process. J. Optim. Theory Appl. 31 (3) 431-440.
    • (1980) J. Optim. Theory Appl. , vol.31 , Issue.3 , pp. 431-440
    • Karatzas, I.1
  • 23
    • 0001281286 scopus 로고
    • Rational expectations and the theory of price movements
    • Muth, J. F. 1961. Rational expectations and the theory of price movements. Econometrica 29 (3) 315-335.
    • (1961) Econometrica , vol.29 , Issue.3 , pp. 315-335
    • Muth, J.F.1
  • 24
    • 85077374580 scopus 로고
    • Inventories and the short-run dynamics of commodity prices
    • Pindyck, R. S. 1994. Inventories and the short-run dynamics of commodity prices. RAND J. Econom. 25 (1) 141-159.
    • (1994) RAND J. Econom , vol.25 , Issue.1 , pp. 141-159
    • Pindyck, R.S.1
  • 25
    • 77955647700 scopus 로고    scopus 로고
    • PIRA Energy Group, Slideshow, July. PIRA Energy Group, New York
    • PIRA Energy Group. 2008. World oil market forecast. Slideshow, July. PIRA Energy Group, New York.
    • (2008) World Oil Market Forecast
  • 26
    • 0039594868 scopus 로고    scopus 로고
    • Equilibrium forward curves for commodities
    • Routledge, B. R., D. J. Seppi, C. S. Spatt. 2000. Equilibrium forward curves for commodities. J. Finance 55 (3) 1297-1338.
    • (2000) J. Finance , vol.55 , Issue.3 , pp. 1297-1338
    • Routledge, B.R.1    Seppi, D.J.2    Spatt, C.S.3
  • 29
    • 0034229554 scopus 로고    scopus 로고
    • Short-term variations and long-term dynamics in commodity prices
    • Schwartz, E., J. E. Smith. 2000. Short-term variations and long-term dynamics in commodity prices. Management Sci. 46 (7) 893-911.
    • (2000) Management Sci. , vol.46 , Issue.7 , pp. 893-911
    • Schwartz, E.1    Smith, J.E.2
  • 30
    • 0000147314 scopus 로고
    • Turnpike sets and their analysis in stochastic production planning problems
    • Sethi, S. P., H. M. Soner, Q. Zhang, J. Jiang. 1992. Turnpike sets and their analysis in stochastic production planning problems. Math. Oper. Res. 17 (4) 932-950.
    • (1992) Math. Oper. Res. , vol.17 , Issue.4 , pp. 932-950
    • Sethi, S.P.1    Soner, H.M.2    Zhang, Q.3    Jiang, J.4
  • 31
    • 0036520603 scopus 로고    scopus 로고
    • Optimal and hierarchical controls in dynamic stochastic manufacturing systems: A survey
    • Sethi, S. P., H. Yan, H. Zhang, Q. Zhang. 2002. Optimal and hierarchical controls in dynamic stochastic manufacturing systems: A survey. Manufacturing Service Oper. Management 4 (2) 133-170.
    • (2002) Manufacturing Service Oper. Management , vol.4 , Issue.2 , pp. 133-170
    • Sethi, S.P.1    Yan, H.2    Zhang, H.3    Zhang, Q.4
  • 32
    • 77955627233 scopus 로고    scopus 로고
    • Are refiners entering a golden age or a short cycle?
    • Washington, DC. Accessed May 27, 2010
    • Shore, J., J. Hackworth. 2007. Are refiners entering a golden age or a short cycle? Report, Energy Information Administration, Washington, DC. Accessed May 27, 2010, http://tonto.eia.doe. gov/dnav/pet/pet-pub-analysis-all.asp.
    • (2007) Report, Energy Information Administration
    • Shore, J.1    Hackworth, J.2
  • 35
    • 21644480422 scopus 로고    scopus 로고
    • Forecasting crude oil spot price using OECD petroleum inventory levels
    • Ye, M., J. Zyren, J. Shore. 2002. Forecasting crude oil spot price using OECD petroleum inventory levels. Internat. Adv. Econom. Res. 8 (4) 324-334.
    • (2002) Internat. Adv. Econom. Res. , vol.8 , Issue.4 , pp. 324-334
    • Ye, M.1    Zyren, J.2    Shore, J.3
  • 36
    • 0002184599 scopus 로고
    • Critical number policies for inventory models with periodic data
    • Zipkin, P. 1989. Critical number policies for inventory models with periodic data. Management Sci. 35 (1) 71-80.
    • (1989) Management Sci. , vol.35 , Issue.1 , pp. 71-80
    • Zipkin, P.1
  • 37
    • 77955625932 scopus 로고
    • What drives motor gasoline prices?
    • Energy Information Administration, Washington, DC
    • Zyren, J. 1995. What drives motor gasoline prices? Petroleum Marketing Monthly (June). Energy Information Administration, Washington, DC.
    • (1995) Petroleum Marketing Monthly (June)
    • Zyren, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.