A Dynamic Programming-Based Heuristic for Markdown Pricing and Inventory Allocation of a Seasonal Product in a Retail Chain.
Vincent C. LiYat-wah WanChi-Leung ChuYi-Cheng LinPublished in: Asia Pac. J. Oper. Res. (2020)
Keyphrases
- dynamic programming
- single product
- profit maximization
- infinite horizon
- periodic review
- supply chain
- dynamic pricing
- inventory replenishment
- finite horizon
- multistage
- revenue management
- lead time
- single stage
- fixed cost
- optimal policy
- production capacity
- pricing strategies
- dynamic programming algorithms
- production planning
- markov decision processes
- lagrangian relaxation
- inventory control
- state space
- inventory systems
- market conditions
- total cost
- customer demand
- holding cost
- supply chain management
- linear programming
- optimal control
- uncertain demand
- knapsack problem
- inventory level
- lot sizing
- multi item
- single period
- profit maximizing
- allocation policy
- information goods
- planning horizon
- stochastic demand
- production cost
- life cycle
- resource allocation
- selling season
- inventory models
- reinforcement learning
- expected profit
- mixed integer programming
- long run
- single machine
- replenishment policy