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An efficient method for calculating the minimum distance from an operating point to a specific (hyberbolic) efficient frontier

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Author
Bischak, Diane
Silver, E.A.
da Silveira, G.J.C.
Accessioned
2012-07-13T16:54:39Z
Available
2012-07-13T16:54:39Z
Issued
2009
Other
economic order quantity
minimum distance
hyperbola
Subject
efficient frontiers
exchange curves
Type
journal article
Metadata
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Abstract
This paper is concerned with movement from a current operating point so as to reach a two-dimensional, efficient frontier. After a discussion of different criteria for deciding on which point on the frontier to target, we focus, as an illustration, on a particular inventory management context and use of the criterion of minimum distance from the current point to the frontier. Specifically, the efficient frontier turns out to be an hyperbola in a two-dimensional representation of total (across a population of items) average stock (in monetary units) versus total fixed costs of replenishments per year. Any current (or proposed) operating strategy, differing from the class along the frontier, is located above the frontier. Finding the minimum distance from the current point to the frontier requires determining the smallest root of a quartic equation within a restricted range.
Refereed
Yes
The is a pre-copy-editing, author-produced pdf of an article accepted for publication in IMA Journal of Management Mathematics following peer review. The definitive publisher-authenticated version: E.A. Silver, D.P. Bischak, and G.J.C. da Silveira, “An efficient method for calculating the minimum distance from an operating point to a specific (hyberbolic) efficient frontier,” IMA Journal of Management Mathematics 20:3 (2009), 251–261 is available online at doi:10.1093/imaman/dpn023. Deposited according to policy found on Sherpa/Romeo July 12, 2012.
 
Citation
E.A. Silver, D.P. Bischak, and G.J.C. da Silveira, “An efficient method for calculating the minimum distance from an operating point to a specific (hyberbolic) efficient frontier,” IMA Journal of Management Mathematics 20:3 (2009), 251–261.
Corporate
University of Calgary
Faculty
Haskayne School of Business
Hasversion
Post-print
Url
http://imaman.oxfordjournals.org/
Publisher
Oxford University Press
Doi
http://dx.doi.org/10.11575/PRISM/33945
Uri
http://hdl.handle.net/1880/49106
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  • Haskayne School of Business Research & Publications

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