Abstract
A renewal equation is developed for the cost functional over finite horizon in manufacturing systems under an arbitrary time-invariant hedging control policy. The kernel of that renewal equation is a first return time probability density function. An auxiliary system of partial differential equations is subsequently used to recursively generate (stable) Pade approximants for that return density function, and hence for the finite horizon cost functional. The Pade approximants are expressed as functions of the arbitrary constant critical levels of the hedging policy. At that stage, (hedging) parameter optimization can be carried out to yield horizon dependent best invariant hedging production policies.
| Original language | English |
|---|---|
| Pages (from-to) | 2627-2628 |
| Number of pages | 2 |
| Journal | Proceedings of the IEEE Conference on Decision and Control |
| Volume | 3 |
| State | Published - 1995 |
| Externally published | Yes |
ASJC Scopus subject areas
- Control and Systems Engineering
- Modeling and Simulation
- Control and Optimization
