An EOQ Model for Perishable Items with Supply Uncertainty
Joint Authors
Source
Mathematical Problems in Engineering
Issue
Vol. 2013, Issue 2013 (31 Dec. 2013), pp.1-13, 13 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2013-03-21
Country of Publication
Egypt
No. of Pages
13
Main Subjects
Abstract EN
This paper aims to develop a continuous inventory model for finding the strategy for a retailer that sells a seasonal perishable item over a finite planning time.
The purpose of this retailer is to maximize the expected profit by choosing an optimal ordering quantity before the sales horizon and adopting an optimal pricing policy during the sales horizon.
With the help of Pontryagin's maximum principle, we can obtain the optimal ordering quantity and the optimal pricing policy by solving a list of equations.
For a special case, we not only characterize the structure of the optimal pricing policy for any given initial inventory level but also obtain the optimal solutions by solving a set of equations.
A numerical analysis reveals the influence of some parameters on the optimal ordering quantity.
American Psychological Association (APA)
Yan, Xiaoming& Wang, Yong. 2013. An EOQ Model for Perishable Items with Supply Uncertainty. Mathematical Problems in Engineering،Vol. 2013, no. 2013, pp.1-13.
https://search.emarefa.net/detail/BIM-1010559
Modern Language Association (MLA)
Yan, Xiaoming& Wang, Yong. An EOQ Model for Perishable Items with Supply Uncertainty. Mathematical Problems in Engineering No. 2013 (2013), pp.1-13.
https://search.emarefa.net/detail/BIM-1010559
American Medical Association (AMA)
Yan, Xiaoming& Wang, Yong. An EOQ Model for Perishable Items with Supply Uncertainty. Mathematical Problems in Engineering. 2013. Vol. 2013, no. 2013, pp.1-13.
https://search.emarefa.net/detail/BIM-1010559
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-1010559