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An EPQ model of deteriorating substitute items under trade credit policy

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  • Pinki Majumder
  • Uttam Kumar Bera
  • Manoranjan Maiti

Abstract

This study presents a multi item EPQ model of deteriorating items under trade credit policy where items are substitute in nature. Sometimes demand for one good also depends on the stock of other related goods. The standard economic textbooks indicate that related products' for a product include complement as well as substitute products. Two goods are substitutes if one can be used in place of the other one. Many products that are on the market today have substitutes. For example, bread and crackers, stocks and bonds, two different brands of soft drinks or water etc. The change in a substitute product's stock level could alter quantity demanded for another good. Here whole profit is calculated with retailer's point of view. In this model we take different types of budget. GRG method and LINGO (13.0) is used to find the optimal solutions. Some sensitivity analyses are made and presented graphically.

Suggested Citation

  • Pinki Majumder & Uttam Kumar Bera & Manoranjan Maiti, 2019. "An EPQ model of deteriorating substitute items under trade credit policy," International Journal of Operational Research, Inderscience Enterprises Ltd, vol. 34(2), pages 161-212.
    • Handle: RePEc:ids:ijores:v:34:y:2019:i:2:p:161-212
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    Citations

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    Cited by:

    1. Chun-Tao Chang & Yao-Ting Tseng, 2024. "The Impacts of Payment Schemes and Carbon Emission Policies on Replenishment and Pricing Decisions for Perishable Products in a Supply Chain," Mathematics, MDPI, vol. 12(7), pages 1-24, March.
    2. P. Majumder & U. K. Bera & M. Maiti, 2020. "An EPQ model of substitutable products under trade credit policy with stock dependent and random substitution," OPSEARCH, Springer;Operational Research Society of India, vol. 57(4), pages 1205-1243, December.
    3. M. L. Malumfashi & A.M. Asma & I. L. Kane & B. Babangida & T. A. Yusuf, 2024. "Production System for Delayed Deterioration Inventories with Two-Level Production Rate, Stock-Dependent Demand Rate and Linear Holding Cost Under Trade Credit Policy," International Journal of Research and Innovation in Applied Science, International Journal of Research and Innovation in Applied Science (IJRIAS), vol. 9(1), pages 81-104, January.

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