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An inventory model with random discount offerings

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  • Mahdi Tajbakhsh, M.
  • Lee, Chi-Guhn
  • Zolfaghari, Saeed
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    Abstract

    We consider an inventory model in which a supplier makes deal offers with random discount prices at random points in time. Assuming that discount offerings follow a Poisson process and discount price is a discrete random variable with a known distribution, we propose a continuous-review control policy for the model and derive optimality conditions for the policy parameters. The model is then extended to the case of multiple suppliers that offer discount deals with supplier-specific Poisson processes and discount prices. Numerical examples are presented to demonstrate cost savings due to discount offers.

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    Bibliographic Info

    Article provided by Elsevier in its journal Omega.

    Volume (Year): 39 (2011)
    Issue (Month): 6 (December)
    Pages: 710-718

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    Handle: RePEc:eee:jomega:v:39:y:2011:i:6:p:710-718

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    Related research

    Keywords: Inventory management Price discount Stochastic price Multiple suppliers;

    References

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    1. Kamran Moinzadeh, 1997. "Replenishment and Stocking Policies for Inventory Systems with Random Deal Offerings," Management Science, INFORMS, vol. 43(3), pages 334-342, March.
    2. Ramasesh, Ranga V., 2010. "Lot-sizing decisions under limited-time price incentives: A review," Omega, Elsevier, vol. 38(3-4), pages 118-135, June.
    3. Kevin Hsu, Wen-Kai & Yu, Hong-Fwu, 2009. "EOQ model for imperfective items under a one-time-only discount," Omega, Elsevier, vol. 37(5), pages 1018-1026, October.
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    Cited by:
    1. Taleizadeh, Ata Allah & Mohammadi, Babak & Cárdenas-Barrón, Leopoldo Eduardo & Samimi, Hadi, 2013. "An EOQ model for perishable product with special sale and shortage," International Journal of Production Economics, Elsevier, vol. 145(1), pages 318-338.

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