Coordinating replenishment and pricing policies for non-instantaneous deteriorating items with price-sensitive demand
This article will formulate and solve an inventory system with non-instantaneous
deteriorating items and price-sensitive demand. The purpose of this study is to determine the
optimal selling price and the length of replenishment cycle such that the total profit per unit
time has a maximum value for the retailer. We first establish a proper model for a
mathematical formulation. Then we develop several theoretical results and provide the
decision-maker with an algorithm to find the optimal solution. Finally, two numerical …
deteriorating items and price-sensitive demand. The purpose of this study is to determine the
optimal selling price and the length of replenishment cycle such that the total profit per unit
time has a maximum value for the retailer. We first establish a proper model for a
mathematical formulation. Then we develop several theoretical results and provide the
decision-maker with an algorithm to find the optimal solution. Finally, two numerical …
This article will formulate and solve an inventory system with non-instantaneous deteriorating items and price-sensitive demand. The purpose of this study is to determine the optimal selling price and the length of replenishment cycle such that the total profit per unit time has a maximum value for the retailer. We first establish a proper model for a mathematical formulation. Then we develop several theoretical results and provide the decision-maker with an algorithm to find the optimal solution. Finally, two numerical examples are provided to illustrate the solution procedure, and a sensitivity analysis of the optimal solution with respect to major parameters is carried out.
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