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Integrated Dynamic Pricing For Seasonal Products With Price And Time Dependent Demand

Author

Listed:
  • SUBRATA SAHA

    (Department of Mathematics, Institute of Engineering and Management, Salt Lake Electronic Complex, Kolkata-700091, West Bengal, India)

  • MANJUSRI BASU

    (Department of Mathematics, University of Kalyani, Kalyani-741235, West Bengal, India)

Abstract

In this paper, an inventory model for deteriorating items with ramp-type time and price dependent consumption rate over a finite planning horizon is considered. In contrast to the traditional deterministic inventory model with static price over the entire planning horizon or fixed number of price changes over the finite time horizon, an alternative model is derived in which prices and the number of price change are to be decision variables. We show that the total profit function is concave. With the concavity, a solution procedure is presented to determine optimal prices, optimal number of pricing cycles and optimal lot size and optimal profit. We illustrate the model with numerical examples. Sensitivity analysis of the model is also carried out.

Suggested Citation

  • Subrata Saha & Manjusri Basu, 2010. "Integrated Dynamic Pricing For Seasonal Products With Price And Time Dependent Demand," Asia-Pacific Journal of Operational Research (APJOR), World Scientific Publishing Co. Pte. Ltd., vol. 27(03), pages 393-410.
    • Handle: RePEc:wsi:apjorx:v:27:y:2010:i:03:n:s0217595910002764
    DOI: 10.1142/S0217595910002764
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    Citations

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    Cited by:

    1. Dai, Zhuo & Aqlan, Faisal & Gao, Kuo, 2017. "Optimizing multi-echelon inventory with three types of demand in supply chain," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 107(C), pages 141-177.
    2. Chen, Zhixiang, 2018. "Optimization of production inventory with pricing and promotion effort for a single-vendor multi-buyer system of perishable products," International Journal of Production Economics, Elsevier, vol. 203(C), pages 333-349.
    3. Udayan Chanda & Alok Kumar, 2019. "Optimization of EOQ Model for New Products Under Multi-Stage Adoption Process," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 16(02), pages 1-25, April.
    4. Chen, Zhixiang, 2019. "Reprint of “Optimization of production inventory with pricing and promotion effort for a single-vendor multi-buyer system of perishable products”," International Journal of Production Economics, Elsevier, vol. 209(C), pages 285-301.

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