Closed-form solutions for Wee's and Martin's EOQ models with a temporary price discount
AbstractIn this article, we use closed-form solutions to solve Wee and Yu (1997) deteriorating inventory model with a temporary price discount and Martin's (1994) EOQ model with a temporary sale price. In Wee and Yu (1997) and Martin's (1994), the benefits during the temporary price discount purchase cycle are represented by their objective functions. Wee and Yu (1997) and Martin (1994) only used search methods to find approximate solutions. Following the theorems we suggested, you can find closed-form solution directly when there are integer operators involve in an objective function. Using the data of Wee and Yu (1997) and Martin (1994), we can find the results are more quick and more accurate.
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Bibliographic InfoArticle provided by Elsevier in its journal International Journal of Production Economics.
Volume (Year): 131 (2011)
Issue (Month): 2 (June)
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Web page: http://www.elsevier.com/locate/ijpe
Deterioration Economic order quantity Temporary sale price Discount price;
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- Li, Chung-Lun, 2009. "A new solution method for the finite-horizon discrete-time EOQ problem," European Journal of Operational Research, Elsevier, vol. 197(1), pages 412-414, August.
- Wee, Hui-Ming & Wang, Wan-Tsu & Chung, Chun-Jen, 2009. "A modified method to compute economic order quantities without derivatives by cost-difference comparisons," European Journal of Operational Research, Elsevier, vol. 194(1), pages 336-338, April.
- Hui-Ming Wee & Yu, Jonas, 1997. "A deteriorating inventory model with a temporary price discount," International Journal of Production Economics, Elsevier, vol. 53(1), pages 81-90, November.
- Cárdenas-Barrón, Leopoldo Eduardo, 2009. "Optimal ordering policies in response to a discount offer: Extensions," International Journal of Production Economics, Elsevier, vol. 122(2), pages 774-782, December.
- Martin, G. E., 1994. "Note on an EOQ model with a temporary sale price," International Journal of Production Economics, Elsevier, vol. 37(2-3), pages 241-243, December.
- Chung, Chun-Jen & Wee, Hui-Ming, 2008. "Green-component life-cycle value on design and reverse manufacturing in semi-closed supply chain," International Journal of Production Economics, Elsevier, vol. 113(2), pages 528-545, June.
- Cárdenas-Barrón, Leopoldo Eduardo, 2009. "Optimal ordering policies in response to a discount offer: Corrections," International Journal of Production Economics, Elsevier, vol. 122(2), pages 783-789, December.
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