Deep Inventory Management

• URL: http://arxiv.org/abs/2210.03137v1
• Date: Thu, 6 Oct 2022 18:00:25 GMT
• Title: Deep Inventory Management
• Authors: Dhruv Madeka, Kari Torkkola, Carson Eisenach, Dean Foster, Anna Luo
• Abstract summary: We present a Deep Reinforcement Learning approach to solving a periodic review inventory control system. We show that several policy learning approaches are competitive with or outperform classical baseline approaches.
• Score: 3.578617477295742
• License: http://arxiv.org/licenses/nonexclusive-distrib/1.0/
• Abstract: We present a Deep Reinforcement Learning approach to solving a periodic review inventory control system with stochastic vendor lead times, lost sales, correlated demand, and price matching. While this dynamic program has historically been considered intractable, we show that several policy learning approaches are competitive with or outperform classical baseline approaches. In order to train these algorithms, we develop novel techniques to convert historical data into a simulator. We also present a model-based reinforcement learning procedure (Direct Backprop) to solve the dynamic periodic review inventory control problem by constructing a differentiable simulator. Under a variety of metrics Direct Backprop outperforms model-free RL and newsvendor baselines, in both simulations and real-world deployments.

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