IDEAS home Printed from https://ideas.repec.org/a/inm/ormnsc/v2y1955i1p61-68.html
   My bibliography  Save this article

Inventory Control and Price Theory

Author

Listed:
  • T. M. Whitin

    (Massachusetts Institute of Technology)

Abstract

In spite of the high level of interest in inventory control that has sprung up recently among statisticians, economists, and businessmen, very little has been written that indicates the fundamental connection between price theory and inventory control. Most of the inventory control systems now in operation assume a given price structure. The analysis is frequently restricted to cost minimization. Economic theorists, on the other hand,~have concerned themselves with profit maximization but have not ordinarily concerned themselves with the realistic details underlying the construction of their curves. Only in the event that other variables external to the cost minimization problem are assigned optimal values will the cost minimization problem be equivalent to profit maximization.

Suggested Citation

  • T. M. Whitin, 1955. "Inventory Control and Price Theory," Management Science, INFORMS, vol. 2(1), pages 61-68, October.
  • Handle: RePEc:inm:ormnsc:v:2:y:1955:i:1:p:61-68
    DOI: 10.1287/mnsc.2.1.61
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1287/mnsc.2.1.61
    Download Restriction: no

    File URL: https://libkey.io/10.1287/mnsc.2.1.61?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:inm:ormnsc:v:2:y:1955:i:1:p:61-68. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Asher (email available below). General contact details of provider: https://edirc.repec.org/data/inforea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.