Optimal dynamic pricing and replenishment policy for perishable items with inventory-level-dependent demand.
Lihao LuJianxiong ZhangWansheng TangPublished in: Int. J. Syst. Sci. (2016)
Keyphrases
- inventory level
- dynamic pricing
- lead time
- replenishment policy
- single item
- expected cost
- inventory control
- inventory replenishment
- optimal pricing
- supply chain
- holding cost
- lost sales
- inventory systems
- single product
- total cost
- service level
- production capacity
- infinite horizon
- revenue management
- periodic review
- state dependent
- lot sizing
- planning horizon
- single stage
- setup cost
- customer demand
- stochastic demand
- random variables
- order quantity
- fixed cost
- selling season
- demand function
- joint replenishment
- optimal policy
- production system
- dynamic programming
- cost function
- pricing strategies
- steady state
- optimal strategy
- bayesian networks