Jointed inventory model on ordering and pricing: An extension for the newsboy model

Bin Liu, Guanghua Qiu, Sifeng Liu, Jian Chen

Research output: Contribution to journalArticle

3 Citations (Scopus)

Abstract

As a study foundation of supply chain coordination, the newsboy model and its extensions have attracted more and more scholars in the recent years. This paper investigates the jointed inventory problem on ordering and pricing for a short-life-cycle product. For a product characterised by a single manufacturing cycle and two selling periods, we depict the jointed decision problem from the view of the centralised system with a stochastic dynamic programming model and develop a jointed decision method for its ordering and pricing. Then, we design an iterative search algorithm to find the optimal decision vectors. Finally, we analyse the characteristics of the decision by running simulation examples.

Original languageEnglish (US)
Pages (from-to)65-80
Number of pages16
JournalInternational Journal of Services Operations and Informatics
Volume2
Issue number1
DOIs
StatePublished - Jul 4 2007

Fingerprint

Dynamic programming
Supply chains
Costs
Life cycle
Sales
Inventory model
Pricing
Newsboy model
Manufacturing
Product lifecycle
Supply chain coordination
Simulation
Stochastic dynamic programming

All Science Journal Classification (ASJC) codes

  • Management Information Systems
  • Information Systems
  • Computer Science Applications
  • Management Science and Operations Research

Cite this

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Jointed inventory model on ordering and pricing : An extension for the newsboy model. / Liu, Bin; Qiu, Guanghua; Liu, Sifeng; Chen, Jian.

In: International Journal of Services Operations and Informatics, Vol. 2, No. 1, 04.07.2007, p. 65-80.

Research output: Contribution to journalArticle

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