Optimal pricing and inventory control policy in periodic-review systems with fixed ordering cost and lost sales
Optimal pricing and inventory control policy in periodic-review systems with fixed ordering cost and lost sales
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DOI：
10.1002/nav.20127
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发表时间：
2006-03-01
影响因子：
2.3
通讯作者：
Song, YY
中科院分区：
文献类型：
--
作者：
Chen, YH;Ray, S;Song, YY
本文研究了零售商面对随机价格敏感需求时，在相当一般的建模假设下，基于随机价格敏感需求的零售商回顾定价与库存控制问题。任何未满足的需求都将失去，在有限销售期结束时，任何剩余的库存都有残值。零售商的成本包括库存、缺货、可变订货成本和固定订货成本。零售商的目标是通过动态地确定每个时期的最优定价和补货策略来最大化其在销售期内的贴现期望利润。我们发现，在一个温和的假设下，添加剂的需求函数，在每个时期的开始（s，S）的政策是最优的补充，和最优价格的值取决于库存水平后，补充决策已经完成。我们的数值研究还表明，对于一个足够长的销售期，最优政策几乎是平稳的。此外，固定订购成本（K）在我们的建模框架中起着重要作用。具体地说，K的任何增加都会导致更低的s和更高的S。另一方面，与整个销售期内的单一固定价格相比，动态改变零售价格的利润影响也随着K的增加而增加。我们证明，使用最佳的政策价值与未满足的需求作为近似值在我们的模型中的模型可能会导致显着的利润惩罚。(C)2005 Wiley Periodicals，Inc.
This paper studies a periodic-review pricing and inventory control problem for a retailer, which faces stochastic price-sensitive demand, under quite general modeling assumptions. Any unsatisfied demand is lost, and any leftover inventory at the end of the finite selling horizon has a salvage value. The cost component for the retailer includes holding, shortage, and both variable and fixed ordering costs. The retailer's objective is to maximize its discounted expected profit over the selling horizon by dynamically deciding on the optimal pricing and replenishment policy for each period. We show that, under a mild assumption on the additive demand function, at the beginning of each period an (s, S) policy is optimal for replenishment, and the value of the optimal price depends on the inventory level after the replenishment decision has been done. Our numerical study also suggests that for a sufficiently long selling horizon, the optimal policy is almost stationary. Furthermore, the fixed ordering cost (K) plays a significant role in our modeling framework. Specifically, any increase in K results in lower s and higher S. On the other hand, the profit impact of dynamically changing the retail price, contrasted with a single fixed price throughout the selling horizon, also increases with K. We demonstrate that using the optimal policy values from a model with backordeting of unmet demands as approximations in our model might result in significant profit penalty. (C) 2005 Wiley Periodicals, Inc.