RT info:eu-repo/semantics/article
T1 Best pricing and optimal policy for an inventory system under time-and-price-dependent demand and backordering.
A1 San-José Nieto, Luis Augusto
A1 Sicilia Rodríguez, Joaquín
A1 González de la Rosa, Manuel
A1 Febles Acosta, Jaime
K1 Inventory system
K1 Optimal pricing
K1 Profit maximization
K1 Power demand
pattern
K1 Backordering
AB In this paper, we study an inventory system for products where demand depends on time andprice. Shortages are allowed and are fully backordered. We suppose that the demand rate isthe product of a power time pattern and a three-parametric exponential price function. Theobjective is to determine the economic lot size, the optimal shortage level and the best sellingprice to maximize the total profit per unit time. We present an efficient procedure to determinethe optimal solution of the inventory problem for all possible scenarios. This procedure isillustrated with several numerical examples. A sensitivity analysis of the optimal inventorypolicy with respect to the parameters of the demand rate function is also given. Finally, themain contributions of this paper are highlighted and future research directions are introduced.
SN 1572-9338
YR 2020
FD 2020
LK http://riull.ull.es/xmlui/handle/915/35773
UL http://riull.ull.es/xmlui/handle/915/35773
LA en
DS Repositorio institucional de la Universidad de La Laguna
RD 27-jun-2024