Particle swarm optimisation with a constraint-handling technique for seller–buyer inventory games

Ching-Shih Tsou, Shih-Chia Chang and Chin-Hsiung Hsu

International Journal of Business and Systems Research, 2008, vol. 2, issue 2, 214-225

Abstract: Most inventory games are analytics-oriented and lack of a solution procedure such that its application may be retarded. In this paper particle Swarm Optimisation (PSO) is modified to solve a seller–buyer inventory game. A constraint-handling mechanism based on the symbiosis phenomenon in biology makes PSO capable to better explore the constrained search space and, finally, to find the equilibrium that characterises pricing and lot sizing for a seller and a buyer, respectively. Our effort attempts to highlight a workable approach for intractable inventory games that exact methods are impossible to apply.

Keywords: particle swarm optimisation; PSO; game theory; constraints handling; symbiosis mechanism; seller–buyer inventory games; symbiosis; pricing; lot sizing. (search for similar items in EconPapers)
Date: 2008
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