Closed-form solutions for Wee's and Martin's EOQ models with a temporary price discount

Horng-Jinh Chang, Wen-Feng Lin and Jow-Fei Ho

International Journal of Production Economics, 2011, vol. 131, issue 2, 528-534

Abstract: In this article, we use closed-form solutions to solve Wee and Yu (1997) deteriorating inventory model with a temporary price discount and Martin's (1994) EOQ model with a temporary sale price. In Wee and Yu (1997) and Martin's (1994), the benefits during the temporary price discount purchase cycle are represented by their objective functions. Wee and Yu (1997) and Martin (1994) only used search methods to find approximate solutions. Following the theorems we suggested, you can find closed-form solution directly when there are integer operators involve in an objective function. Using the data of Wee and Yu (1997) and Martin (1994), we can find the results are more quick and more accurate.

Keywords: Deterioration; Economic; order; quantity; Temporary; sale; price; Discount; price (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:proeco:v:131:y:2011:i:2:p:528-534

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