Inventory policy for products with price and time-dependent demands

You P-S ()
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You P-S: National Chia-Yi University

Journal of the Operational Research Society, 2005, vol. 56, issue 7, 870-873

Abstract: Abstract This paper investigates the problem of jointly determining the order size and optimal prices for a perishable inventory system under the condition that demand is time and price dependent. It is assumed that a decision-maker has the opportunity to adjust prices before the end of the sales season to influence demand and to improve revenues. A mathematical model is developed to find the optimal number of prices, the optimal prices and the order quantity. Analytical results show that a stationary solution to the Kuhn–Tucker necessary conditions can be found and it is shown to be the optimal solution. The analytical results lead us to derive a solution procedure for determining the optimal order size and prices.

Keywords: inventory; price; deterministic demand; order quantity (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (16)

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DOI: 10.1057/palgrave.jors.2601905

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