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Joint Pricing and Inventory Control for Non-instantaneous Deteriorating Items with Stochastic Demand

International Journal of Supply Chain Management

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Title Joint Pricing and Inventory Control for Non-instantaneous Deteriorating Items with Stochastic Demand
 
Creator Najafi Ghobadi, Somayeh
Nakhai Kamalabadi, Isa
Aghdasi, Mohammad
 
Description In recent years inventory and pricing of deteriorating items has gained an enormous attention by many researchers. In this study, an inventory system for non-instantaneous deteriorating items with stochastic demand is modeled. This model has the assumptions that shortages are allowed and backlogging rate is variable where the last one is defined as a function of waiting time for the next replenishment. The objective is to maximize the total profit per unit time by finding the optimal selling price and replenishment schedule simultaneously. The concavity of the function is proved with a unique optimal solution. Thereby we provide an algorithm for finding the optimal solution. Finally, the authors present a numerical example to illustrate the theoretical results. A sensitivity analysis for the optimal solution with respect to major parameters is also carried out.
 
Publisher International Journal of Supply Chain Management
 
Contributor —
 
Date 2013-01-02
 
Type Peer-reviewed Article
 
Format application/pdf
 
Identifier http://ojs.excelingtech.co.uk/index.php/IJSCM/article/view/647
 
Source International Journal of Supply Chain Management; Vol 1, No 3 (2012): International Journal of Supply Chain Management (IJSCM)
 
Language en
 
Relation http://ojs.excelingtech.co.uk/index.php/IJSCM/article/download/647/2122
 
Rights The copyright of the contribution is transferred to IJSCM in case of acceptance. The copyright transfer covers the exclusive right to reproduce and distribute the contribution, including reprints, translations, photographic reproductions, microform, electronic form, or any other reproductions of similar nature.The Author may publish his/her contribution on his/her personal Web page provided that he/she creates a link to the mentioned volume of IJSCM.The Author may not publish his/her contribution anywhere else without the prior written permission of the publisher unless it has been changed substantially. The Author warrants that his/her contribution is original, except for such excerpts from copyrighted works as may be included with the permission of the copyright holder and author thereof, that it contains no libellous statements, and does not infringe on any copyright, trademark, patent, statutory right, or propriety right of others.The Author also agrees for and accepts responsibility for releasing this material on behalf of any and all co-authors.