Best pricing and optimal policy for an inventory system under time-and-price-dependent demand and backordering.
Luis Augusto San-JoséJoaquín SiciliaManuel González-de La RosaJaime Febles-AcostaPublished in: Ann. Oper. Res. (2020)
Keyphrases
- periodic review
- optimal policy
- inventory systems
- inventory replenishment
- lost sales
- finite horizon
- inventory control
- single product
- inventory level
- lead time
- dynamic pricing
- infinite horizon
- single stage
- base stock policy
- inventory models
- base stock policies
- single item
- long run
- stochastic demand
- optimal pricing
- production inventory
- multistage
- state space
- supply chain
- multi item
- single period
- markov decision processes
- reinforcement learning
- inventory policy
- state dependent
- total cost
- sample path
- dynamic programming
- order quantity
- periodic review inventory
- inventory management
- revenue management
- customer service
- ordering cost
- demand function
- demand distributions
- lot sizing
- independent and identically distributed
- markov chain
- policy iteration
- markov decision process
- pricing model
- sufficient conditions
- average cost
- optimal production
- customer demand
- pricing strategies