Closed-form solutions for Wee's and Martin's EOQ models with a temporary price discount
In 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.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
When requesting a correction, please mention this item's handle: RePEc:eee:proeco:v:131:y:2011:i:2:p:528-534. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
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.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.