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Customer Exposure to Sellers, Probabilistic Optimization and Profit Research

Author

Listed:
  • Miltiadis Chalikias

    (Department of Accounting and Finance, School of Business and Economics, University of West Attica, 250 Thivon and Petrou Ralli, GR12244 Egaleo, Greece)

  • Panagiota Lalou

    (Department of Accounting and Finance, School of Business and Economics, University of West Attica, 250 Thivon and Petrou Ralli, GR12244 Egaleo, Greece)

  • Michalis Skordoulis

    (Department of Forestry and Management of the Environment and Natural Resources, School of Agricultural and Forestry Sciences, Democritus University of Thrace, 193 Pantazidou, GR68200 Orestiada, Greece)

Abstract

This paper deals with a probabilistic problem in which there is a specific probability for a customer to meet a seller in a specified area. It is assumed that the area in which a seller acts follows an exponential distribution and affects the probability of meeting with a customer. Furthermore, the range in which a customer can meet a seller is another parameter which affects the probability of a successful meeting. The solution to the problem is based on a bomb fragmentation model using Lagrange equations. More specifically, using Lagrange equations, the abovementioned dimensions will be calculated in order to optimize the probability of a customer meeting a seller.

Suggested Citation

  • Miltiadis Chalikias & Panagiota Lalou & Michalis Skordoulis, 2019. "Customer Exposure to Sellers, Probabilistic Optimization and Profit Research," Mathematics, MDPI, vol. 7(7), pages 1-7, July.
    • Handle: RePEc:gam:jmathe:v:7:y:2019:i:7:p:621-:d:248005
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    References listed on IDEAS

    as
    1. Tongdan Jin & Heidi Taboada & Jose Espiritu & Haitao Liao, 2017. "Allocation of reliability--redundancy and spares inventory under Poisson fleet expansion," IISE Transactions, Taylor & Francis Journals, vol. 49(7), pages 737-751, July.
    2. Vishal Gaur & Saravanan Kesavan, 2015. "The Effects of Firm Size and Sales Growth Rate on Inventory Turnover Performance in the U.S. Retail Sector," International Series in Operations Research & Management Science, in: Narendra Agrawal & Stephen A. Smith (ed.), Retail Supply Chain Management, edition 2, chapter 0, pages 25-52, Springer.
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