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Coordinating Pricing and Inventory Control in a Fluctuating Environment 被引量：1

Coordinating Pricing and Inventory Control in a Fluctuating Environment
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摘要 This paper addresses the simultaneous determination of pricing and inventory replenishment strate- gies under a fluctuating environment. Specifically, we analyze the single item, periodic review model. The demand consists of two parts： the deterministic component, which is influenced by the price, and the stochastic component （perturbation）. The distribution of the stochastic component is determined by the current state of an exogenous Markov chain. The price that is charged in any given period can be specified dynamically. A replenishment order may be placed at the beginning of some or all of the periods, and stockouts are fully backlogged. Ordering costs that are lower semicontinuous, and inventory/backlog （or surplus） costs that are continuous with polynomial growth. Finite-horizon and infinite-horizon problems are addressed. Existence of optimal policies is established. Furthermore, optimality of （s,S,p）-type policies is proved when the ordering cost consists of fixed and proportional cost components and the surplus cost （these costs are all state-dependent） is convex. This paper addresses the simultaneous determination of pricing and inventory replenishment strate- gies under a fluctuating environment. Specifically, we analyze the single item, periodic review model. The demand consists of two parts： the deterministic component, which is influenced by the price, and the stochastic component （perturbation）. The distribution of the stochastic component is determined by the current state of an exogenous Markov chain. The price that is charged in any given period can be specified dynamically. A replenishment order may be placed at the beginning of some or all of the periods, and stockouts are fully backlogged. Ordering costs that are lower semicontinuous, and inventory/backlog （or surplus） costs that are continuous with polynomial growth. Finite-horizon and infinite-horizon problems are addressed. Existence of optimal policies is established. Furthermore, optimality of （s,S,p）-type policies is proved when the ordering cost consists of fixed and proportional cost components and the surplus cost （these costs are all state-dependent） is convex.
作者 Ju-liang Zhang Jian Chen Xiang-sun Zhang
机构地区 Department of Logistics Management Department of Management Science and Engineering Institute of Applied Mathematics
出处 《Acta Mathematicae Applicatae Sinica》 SCIE CSCD 2010年第2期187-204,共18页 应用数学学报（英文版）
基金 Supported by the National Natural Science Foundation of China (No. 70621061,70890082,70671100) Science Foundation of Beijing Jiaotong University (2007RC014)
关键词 Stochastic inventory management Markov chains PRICING finite horizon infinite horizon Stochastic inventory management, Markov chains, pricing, finite horizon, infinite horizon
分类号 O431 [机械工程—光学工程] F253.4 [经济管理—国民经济]
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参考文献28

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同被引文献20

  • 1KARLIN S. Dynamic inventory policy with varying stochastic demands[J]. Management Science, 1960,6(3): 231 - 258.
  • 2TUNC H, KILIC 0 A, TARIM S A, et al. The cost of using stationary inventory policies when demand is non-stationary[J]. Omega, 2011, 39(4): 410 - 415.
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  • 5QI L. A continuous-review inventory model with random disruptions at the primary supplier[J]. European Journal of Operational Research, 2013, 225(1): 59 - 74.
  • 6ARIFOGLU K, bZEKICI S. Inventory management with random supply and imperfect information: a hidden Markov model[J]. International Journal of Production Economics, 2011, 134(1): 123- 137.
  • 7KULKARNI V, YAN K Q. Production-inventory systems in stochastic environment and stochastic lead times[J]. Queueing System, 2012, 70(3): 207 - 231.
  • 8ATALI A, bZER b. Stochastic multi-item inventory systems with Markov-modulated demands and production quantity requirements[J]. Probability in the Engineering and Informational Sciences, 2012,26(2): 263 - 293.
  • 9FLAPPER S D P, GAYON J P, VERCRAENE S. Control of a production-inventory system with returns under imperfect advance return information[J]. European Journal of Operational Research, 2012,218(2): 392 - 400.
  • 10CHEN J, BELL P C. Coordinating a decentralized supply chain with customer returns and price-dependent stochastic demand using a buyback policy[J]. European Journal of Operational Research, 2011, 212(2): 293 - 300.

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Acta Mathematicae Applicatae Sinica
2010年 第2期

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