This paper derives the simple analytic solution to the special but important inventory problem in which the optimal policy is to reorder whenever units are demanded. The demand distribution can be any compound Poisson; the resupply distribution is arbitrary. Both the backorder case and the lost sales case are solved by generalizing a queueing theorem due to Palm. The steady state probabilities for the number of units in resupply (or repair) completely describe the item's long term behavior, and are simply the normalized values of the compound Poisson demand distribution based on the mean of the resupply distribution but not on the distribution itself. Knowledge of these state probabilities enables us to compute several measures of item supply performance as a function of the spare stock, s. Traditional inventory analysis can then be applied to minimize total cost based on estimates of holding cost and supply performance cost. The appendices contain a description of the algorithm and the computer program for calculating stuttering Poisson state probabilities and the measures of effectiveness for the backorder case. Numerical illustrations are also provided.

This paper characterizes optimal service policies in terms of the frequency and timing of services which are intended to maintain a stock of assets. The model is non-stochastic. The results are obtained by a two-stage step-wise minimization procedure wherein dynamic programming is first used to characterize sub-optimal policies and then the calculus of finite differences is utilized to select the optimal policy. The effect of the time horizon on the optimal policy is emphasized throughout and, in two specific interpretations of the model, the classical results of the economic lot-size and equipment replacement policy are shown to be limits of more general policies.

Journal Article A Symposium on Monetary Theory: Monetary and Value Theory: Further Comment Get access G. C. Archibald, G. C. Archibald London Search for other works by this author on: Oxford Academic Google Scholar R. C. Lipsey R. C. Lipsey London Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 28, Issue 1, October 1960, Pages 50–56, https://doi.org/10.2307/2296250 Published: 01 October 1960

This paper presents a mathematical model for determining a minimum cost strategy for the following personnel recruiting and selection situation. A quota is set for the minimum number of good employees to be added each period, and selection is done on the basis of a test having a known correlation with the given criterion of job success. There is a total cost for all individuals recruited and a loss attached to each person hired who turns out to be unsatisfactory. The problem is to determine a minimum acceptable score on the selection test and the number of persons to be recruited which will yield a minimum cost, including loss, as well as satisfy the prescribed quota at a given probability level.

Abstract The article reports on the achievements and progress of the American Accounting Association. One of the impressive accomplishments of the association was the marked increase in membership. The widespread interest of professional practitioners in the work, the aims and objectives, the publications, and the activities of the association in the held of accounting education has been gratifying. Many new teachers at the college level have been added to the membership roles. To all of these new members the association extends a warm and cordial welcome and a standing invitation to participate actively in furthering the purposes which are set forth in our by-laws and statement of purposes. The program of the annual meeting gave a glimpse into still another new undertaking, namely, the development of standards rating in the field of undergraduate and graduate study of accounting. It is hoped that extension of this project may become a continuing activity of the association.

Abstract Reviews the book "Accounting Manual for Small Cities of the State of Washington," by Arthur N. Lorig.

This paper examines the effect of several factors on the market share of investment banks that act as book managers in initial public offerings (IPOs) between 1984 and 1995. For established banks, IPO first-day returns, one-year abnormal performance, abnormal compensation, industry specialization, analyst reputation, and association with withdrawn offers have a significant impact on changes in market share. These factors have a more significant effect on market share changes in low-volume IPO markets. These factors have a less significant effect on market share, statistically and economically, for less established banks, consistent with the notion that less reputation is placed at risk.