A Multi-Item Inventory Model With Joint Setup And Concave Production Costs

Pelin Bayindir, Ilker Birbil and Hans Frenk

Econometric Institute Research Papers from Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute

Abstract: The present paper discusses an approach to solve the joint replenishment problem in a production environment with concave production cost functions. Under this environment, the model leads to a global optimization problem, which is investigated by using some standard results from convex analysis. Consequently, an effective solution procedure is proposed. The proposed procedure is guaranteed to return a solution with a predetermined quality in terms of the objective function value. A computational study is provided to illustrate the performance of the proposed solution procedure with respect to the running time.

Keywords: Lipschitz optimization; concave production cost; concave-convex programming; inventory; joint setup; multi-item (search for similar items in EconPapers)
JEL-codes: C61 M M11 R4 (search for similar items in EconPapers)
Date: 2004-08-30
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Citations: View citations in EconPapers (2)

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