The Experts below are selected from a list of 14709 Experts worldwide ranked by ideXlab platform
Wansheng Tang - One of the best experts on this subject based on the ideXlab platform.
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optimal dynamic pricing and replenishment policy for perishable items with Inventory Level dependent demand
International Journal of Systems Science, 2016Co-Authors: Lihao Lu, Jianxiong Zhang, Wansheng TangAbstract:An Inventory system for perishable items with limited replenishment capacity is introduced in this paper. The demand rate depends on the stock quantity displayed in the store as well as the sales price. With the goal to realise profit maximisation, an optimisation problem is addressed to seek for the optimal joint dynamic pricing and replenishment policy which is obtained by solving the optimisation problem with Pontryagin’s maximum principle. A joint mixed policy, in which the sales price is a static decision variable and the replenishment rate remains to be a dynamic decision variable, is presented to compare with the joint dynamic policy. Numerical results demonstrate the advantages of the joint dynamic one, and further show the effects of different system parameters on the optimal joint dynamic policy and the maximal total profit.
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optimal dynamic pricing and replenishment cycle for non instantaneous deterioration items with Inventory Level dependent demand
International Journal of Production Economics, 2015Co-Authors: Lihao Lu, Jianxiong Zhang, Yu Wang, Wansheng TangAbstract:This paper considers a problem of determining the optimal dynamic pricing strategy and replenishment cycle for non-instantaneous deteriorating items, where the consumer demand depends on the sales price and the quantity of the items displayed in the store. For the given replenishment cycle, we derive the optimal dynamic pricing strategy by applying Pontryagin׳s maximum principle, and then design an effective algorithm to obtain the optimal dynamic pricing strategy and replenishment cycle simultaneously. Numerical examples are provided to illustrate the effectiveness of the proposed methods and solution procedure. Furthermore, sensitivity analysis of the key system parameters is carried out and some interesting managerial insights are presented.
Jianxiong Zhang - One of the best experts on this subject based on the ideXlab platform.
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optimal dynamic pricing and replenishment policy for perishable items with Inventory Level dependent demand
International Journal of Systems Science, 2016Co-Authors: Lihao Lu, Jianxiong Zhang, Wansheng TangAbstract:An Inventory system for perishable items with limited replenishment capacity is introduced in this paper. The demand rate depends on the stock quantity displayed in the store as well as the sales price. With the goal to realise profit maximisation, an optimisation problem is addressed to seek for the optimal joint dynamic pricing and replenishment policy which is obtained by solving the optimisation problem with Pontryagin’s maximum principle. A joint mixed policy, in which the sales price is a static decision variable and the replenishment rate remains to be a dynamic decision variable, is presented to compare with the joint dynamic policy. Numerical results demonstrate the advantages of the joint dynamic one, and further show the effects of different system parameters on the optimal joint dynamic policy and the maximal total profit.
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optimal dynamic pricing and replenishment cycle for non instantaneous deterioration items with Inventory Level dependent demand
International Journal of Production Economics, 2015Co-Authors: Lihao Lu, Jianxiong Zhang, Yu Wang, Wansheng TangAbstract:This paper considers a problem of determining the optimal dynamic pricing strategy and replenishment cycle for non-instantaneous deteriorating items, where the consumer demand depends on the sales price and the quantity of the items displayed in the store. For the given replenishment cycle, we derive the optimal dynamic pricing strategy by applying Pontryagin׳s maximum principle, and then design an effective algorithm to obtain the optimal dynamic pricing strategy and replenishment cycle simultaneously. Numerical examples are provided to illustrate the effectiveness of the proposed methods and solution procedure. Furthermore, sensitivity analysis of the key system parameters is carried out and some interesting managerial insights are presented.
S K Goyal - One of the best experts on this subject based on the ideXlab platform.
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supply chain coordination contracts with Inventory Level and retail price dependent demand
International Journal of Production Economics, 2015Co-Authors: Subrata Saha, S K GoyalAbstract:In this paper three unlike coordinating contracts namely (i) joint rebate contract (ii) wholesale price discount contract and (iii) cost sharing contract are proposed for two echelon supply chain coordination perspective under stock and price induced demand. It is found analytically that the manufacturer׳s and the retailer׳s preferences among three contractual forms are not always aligned. By applying bargaining theory, it is established that stock elasticity plays an important role to select coordination contract and a threshold value stock elasticity is also determined, below which cost sharing contract is not feasible. It is also found that the retailer with higher bargaining power always prefers wholesale price discount contract among considered three contracts. Results are illustrated analytically as well as numerically.
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supply chain coordination under an Inventory Level dependent demand rate
International Journal of Production Economics, 2008Co-Authors: Yongwu Zhou, S K GoyalAbstract:In this paper, we consider coordination issues of a distribution system composed of a manufacturer and a retailer. The manufacturer offers a single product to the retailer and the demand for the product at the retailer's end is stock dependent. We focus on three aspects of the resulting supply chain. First, we discuss the manufacturer-Stackelberg game structure to determine how the manufacturer sets the wholesale price of the product and how the retailer in turn determines the order quantity. We assume that both the parties share relevant cost information. Then we develop a simple profit-sharing mechanism that would ultimately achieve perfect channel coordination. Finally, the manufacturer is provided with a quantity discount scheme to induce the retailer to increase the order quantity so as to maximize the manufacturer's profit. We show that this discount scheme also achieves the perfect coordination of the whole channel. Numerical examples are used to illustrate the models.
Chihhung Tsai - One of the best experts on this subject based on the ideXlab platform.
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using an artificial neural network prediction model to optimize work in process Inventory Level for wafer fabrication
Expert Systems With Applications, 2009Co-Authors: Jieren Shie, Chihhung TsaiAbstract:A proper selection of a work-in-process (WIP) Inventory Level has great impact onto the productivity of wafer fabrication processes, which can be properly used to trigger the decision of when to release specific wafer lots. However, the selection of an optimal WIP is always a tradeoff amongst the throughput rate, the cycle time and the standard deviation of the cycle time. This study focused on finding an optimal WIP value of wafer fabrication processes by developing an algorithm integrating an artificial neural network (ANN) and the sequential quadratic programming (SQP) method. With this approach, it offered an effective and systematic way to identify an optimal WIP Level. Hence, the efficiency of finding the optimal WIP Level was greatly improved.
Lihao Lu - One of the best experts on this subject based on the ideXlab platform.
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optimal dynamic pricing and replenishment policy for perishable items with Inventory Level dependent demand
International Journal of Systems Science, 2016Co-Authors: Lihao Lu, Jianxiong Zhang, Wansheng TangAbstract:An Inventory system for perishable items with limited replenishment capacity is introduced in this paper. The demand rate depends on the stock quantity displayed in the store as well as the sales price. With the goal to realise profit maximisation, an optimisation problem is addressed to seek for the optimal joint dynamic pricing and replenishment policy which is obtained by solving the optimisation problem with Pontryagin’s maximum principle. A joint mixed policy, in which the sales price is a static decision variable and the replenishment rate remains to be a dynamic decision variable, is presented to compare with the joint dynamic policy. Numerical results demonstrate the advantages of the joint dynamic one, and further show the effects of different system parameters on the optimal joint dynamic policy and the maximal total profit.
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optimal dynamic pricing and replenishment cycle for non instantaneous deterioration items with Inventory Level dependent demand
International Journal of Production Economics, 2015Co-Authors: Lihao Lu, Jianxiong Zhang, Yu Wang, Wansheng TangAbstract:This paper considers a problem of determining the optimal dynamic pricing strategy and replenishment cycle for non-instantaneous deteriorating items, where the consumer demand depends on the sales price and the quantity of the items displayed in the store. For the given replenishment cycle, we derive the optimal dynamic pricing strategy by applying Pontryagin׳s maximum principle, and then design an effective algorithm to obtain the optimal dynamic pricing strategy and replenishment cycle simultaneously. Numerical examples are provided to illustrate the effectiveness of the proposed methods and solution procedure. Furthermore, sensitivity analysis of the key system parameters is carried out and some interesting managerial insights are presented.
