FIFO Versus LIFO Issuing Policies for Stochastic Perishable Inventory Systems

We consider an inventory system for perishable items in which the arrival times of the items to be stored and the ones of the demands for those items form independent Poisson processes. The shelf lifetime of every item is finite and deterministic. Every demand is for a single item and is satisfied by one of the items on the shelf, if available. A demand remains unsatisfied if it arrives at an empty shelf. The aim of this paper is to compare two …