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A polynomial time algorithm for a deterministic joint pricing and inventory model

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Author Info
W. Van den Heuvel ()
A.P.M. Wagelmans () (FEW-Econometrie en besliskunde)

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Abstract

In this paper we consider the uncapacitated economic lot-size model, where demand is a deterministic function of price. In the model a single price need to be set for all periods. The objective is to find an optimal price and ordering decisions simultaneously. In 1973 Kunreuther and Schrage proposed an heuristic algorithm to solve this problem. The contribution of our paper is twofold. First, we derive an exact algorithm to determine the optimal price and lot-sizing decisions. Moreover, we show that our algorithm boils down to solving a number of lot-sizing problems that is quadratic in the number of periods, i.e., the problem can be solved in polynomial time.

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Publisher Info
Paper provided by Erasmus University Rotterdam, Econometric Institute in its series Econometric Institute Report with number 328.

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Date of creation: 2003
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Handle: RePEc:dgr:eureir:2003328

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Related research
Keywords: Production Pricing Lot-sizing Inventory;

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  1. Awi Federgruen & Joern Meissner, 2004. "Competition under Time-Varying Demands and Dynamic Lot-Sizing Costs," Working Papers MRG/0003, Department of Management Science, Lancaster University, revised May 2008. [Downloadable!]
  2. Jans, R.F. & Degraeve, Z., 2005. "Modeling Industrial Lot Sizing Problems: A Review," Research Paper ERS-2005-049-LIS Revision, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni. [Downloadable!]
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This page was last updated on 2009-12-16.

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