Jointed inventory model on ordering and pricing: An extension for the newsboy model

Bin Liu; Robin G. Qiu; Sifeng Liu; Jian Chen

doi:10.1504/IJSOI.2007.012693

Jointed inventory model on ordering and pricing: An extension for the newsboy model

Bin Liu, Robin G. Qiu, Sifeng Liu, Jian Chen

Research output: Contribution to journal › Article › peer-review

5 Scopus citations

Abstract

As a study foundation of supply chain coordination, the newsboy model and its extensions have attracted more and more scholars in the recent years. This paper investigates the jointed inventory problem on ordering and pricing for a short-life-cycle product. For a product characterised by a single manufacturing cycle and two selling periods, we depict the jointed decision problem from the view of the centralised system with a stochastic dynamic programming model and develop a jointed decision method for its ordering and pricing. Then, we design an iterative search algorithm to find the optimal decision vectors. Finally, we analyse the characteristics of the decision by running simulation examples.

Original language	English (US)
Pages (from-to)	65-80
Number of pages	16
Journal	International Journal of Services Operations and Informatics
Volume	2
Issue number	1
DOIs	https://doi.org/10.1504/IJSOI.2007.012693
State	Published - 2007

All Science Journal Classification (ASJC) codes

Management Information Systems
Information Systems
Computer Science Applications
Management Science and Operations Research

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10.1504/IJSOI.2007.012693

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abstract = "As a study foundation of supply chain coordination, the newsboy model and its extensions have attracted more and more scholars in the recent years. This paper investigates the jointed inventory problem on ordering and pricing for a short-life-cycle product. For a product characterised by a single manufacturing cycle and two selling periods, we depict the jointed decision problem from the view of the centralised system with a stochastic dynamic programming model and develop a jointed decision method for its ordering and pricing. Then, we design an iterative search algorithm to find the optimal decision vectors. Finally, we analyse the characteristics of the decision by running simulation examples.",

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AB - As a study foundation of supply chain coordination, the newsboy model and its extensions have attracted more and more scholars in the recent years. This paper investigates the jointed inventory problem on ordering and pricing for a short-life-cycle product. For a product characterised by a single manufacturing cycle and two selling periods, we depict the jointed decision problem from the view of the centralised system with a stochastic dynamic programming model and develop a jointed decision method for its ordering and pricing. Then, we design an iterative search algorithm to find the optimal decision vectors. Finally, we analyse the characteristics of the decision by running simulation examples.

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Jointed inventory model on ordering and pricing: An extension for the newsboy model

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All Science Journal Classification (ASJC) codes

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