Best pricing and optimal policy for an inventory system under time-and-price-dependent demand and backordering
Abstract
In this paper, we study an inventory system for products where demand depends on time and price. Shortages are allowed and are fully backordered. We suppose that the demand rate is the product of a power time pattern and a three-parametric exponential price function. The objective is to determine the economic lot size, the optimal shortage level and the best selling price to maximize the total profit per unit time. We present an efficient...
Paper Details
Title
Best pricing and optimal policy for an inventory system under time-and-price-dependent demand and backordering
Published Date
Jun 27, 2018
Volume
286
Issue
1-2
Pages
351 - 369
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