A multi-period inventory model with multi-dimensional procurement bidding

Pooya Farahvash () and Tayfur Altiok

Annals of Operations Research, 2011, vol. 186, issue 1, 118 pages

Abstract: We consider a multi-period inventory model with raw material procurements carried out via a reverse auction. Bids are multi-dimensional, and they consist of supplier information of price, shortage quantity and lead time. This work is an extension of our earlier work that has focused on multi-dimensional procurement auctions in single-period inventory models, to multi-period settings. The new model is based on a hybrid approach combining stochastic dynamic programming and simulation. Copyright Springer Science+Business Media, LLC 2011

Keywords: Multi-period inventory models; Multi-dimensional biding; Reverse auctions (search for similar items in EconPapers)
Date: 2011
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DOI: 10.1007/s10479-011-0893-4

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