Joint pricing and inventory control for a stochastic inventory system with Brownian motion demand
文献类型：期刊论文
| 作者 | Yao, Dacheng
|
| 刊名 | IISE TRANSACTIONS
 |
| 出版日期 | 2017 |
| 卷号 | 49期号:12页码:1101-1111 |
| 关键词 | Stochastic inventory model pricing Brownian motion demand (s, S, p) policy impulse control drift rate control |
| ISSN号 | 2472-5854 |
| DOI | 10.1080/24725854.2017.1355126 |
| 英文摘要 | In this article, we consider an infinite horizon, continuous-review, stochastic inventory system in which the cumulative customers' demand is price dependent and is modeled as a Brownian motion. Excess demand is backlogged. The revenue is earned by selling products and the costs are incurred by holding/shortage and ordering; the latter consists of a fixed cost and a proportional cost. Our objective is to simultaneously determine a pricing strategy and an inventory control strategy to maximize the expected long-run average profit. Specifically, the pricing strategy provides the price p(t) for any time t >= 0 and the inventory control strategy characterizes when and how much we need to order. We show that an ( s*, S*, p*) policy is optimal and obtain the equations of optimal policy parameters, where p* = {p(t)* : t >= 0}. Furthermore, we find that at each time t, the optimal price p(t)* depends on the current inventory level z, and it is increasing in [s*, z*] and decreasing in [z*,infinity), where z* is a negative level. |
| 语种 | 英语 |
| WOS记录号 | WOS:000416712700002 |
| 出版者 | TAYLOR & FRANCIS INC |
| 源URL | [http://ir.amss.ac.cn/handle/2S8OKBNM/134]  |
| 专题 | 应用数学研究所 |
| 通讯作者 | Yao, Dacheng |
| 作者单位 | Chinese Acad Sci, Acad Math & Syst Sci, Beijing, Peoples R China |
| 推荐引用方式 GB/T 7714 | Yao, Dacheng. Joint pricing and inventory control for a stochastic inventory system with Brownian motion demand[J]. IISE TRANSACTIONS,2017,49(12):1101-1111. |
| APA | Yao, Dacheng.(2017).Joint pricing and inventory control for a stochastic inventory system with Brownian motion demand.IISE TRANSACTIONS,49(12),1101-1111. |
| MLA | Yao, Dacheng."Joint pricing and inventory control for a stochastic inventory system with Brownian motion demand".IISE TRANSACTIONS 49.12(2017):1101-1111. |
入库方式： OAI收割
来源：数学与系统科学研究院
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