Jointly pricing and ordering for a multi-product multi-constraint newsvendor problem with supplier quantity discounts

We present an extension to the multi-product newsvendor problem by incorporating the retailer’s pricing decision as well as considering supplier quantity discount. The objective is to maximize the expected profit of the retailer through jointly determining the ordering quantities and selling prices...

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Vydáno v:Applied mathematical modelling Ročník 35; číslo 6; s. 3001 - 3011
Hlavní autoři: Shi, Jianmai, Zhang, Guoqing, Sha, Jichang
Médium: Journal Article
Jazyk:angličtina
Vydáno: Kidlington Elsevier Inc 01.06.2011
Elsevier
Témata:
Applied sciences
Computation
Decision theory. Utility theory
Discount
Discounts
Exact sciences and technology
Heuristic methods
Inventory control, production control. Distribution
Logistics
Mathematical models
Newsvendor
Operational research and scientific management
Operational research. Management science
Order disorder
Ordering
Pricing
Programming
Suppliers
Supply chain
Supply chain
Ordering
Discount
Newsvendor
Pricing
Used machinery
Lagrangian
Decision making
Newsboy problem
Multiple production
Modeling
Gross domestic product
Selling price
Quantity discount
Retailers
Disjunctive programming
Heuristic method
Profit
Capacity constraint
By product
Logistics
ISSN:0307-904X
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Popis
Shrnutí:We present an extension to the multi-product newsvendor problem by incorporating the retailer’s pricing decision as well as considering supplier quantity discount. The objective is to maximize the expected profit of the retailer through jointly determining the ordering quantities and selling prices for the products, subject to multiple capacity constraints. We formulate the problem as a Generalized Disjunctive Programming (GDP) model and develop a Lagrangian heuristic approach for its solution. Randomly produced instances involving up to 1000 products are used to test the proposed approach. Computational results show that the Lagrangian heuristic approach can present very good solutions to all instances in reasonable time.
Bibliografie:ObjectType-Article-2
SourceType-Scholarly Journals-1
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ISSN:0307-904X
DOI:10.1016/j.apm.2010.12.018