Optimal inventory policies when sales are discretionary
نویسندگان
چکیده
منابع مشابه
Optimal Inventory Policies when Purchase Price and Demand Are Stochastic
In this paper we consider the problem of a firm that faces a stochastic (Poisson) demand and must replenish from a market in which prices fluctuate, such as a commodity market. We describe the price evolution as a continuous stochastic process and we focus on commonly used processes suggested by the financial literature, such as the geometric Brownian motion and the Ornstein-Uhlenbeck process. ...
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Grado Department of Industrial and Systems Engineering, Virginia Polytechnic Institute and State University, 250 Durham Hall, Blacksburg, VA 24061-0118, USA Dept. of Civil and Environmental Engineering and the Engineering Systems Division, Massachusetts Institute of Technology, 77 Massachusetts Ave., Cambridge, MA 02139, USA School of Industrial and Systems Engineering, Georgia Institute of Tec...
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Most research on supply chain management deals with settings where firms do not voluntarily get rid of inventory in the system. Since voluntary inventory reductions are often observed in practice, in this paper, we propose a (multi-echelon) model where the firm can dispose of excess stock through sales in the secondary market at each stage in the supply chain. What are called nested echelon bas...
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This paper examines several inventory replenishment policies for a make-to-order inventory–production system that consists of a production workshop and a warehouse. Demands arrive to the production workshop according to a Poisson process, and are processed in an FCFS manner. The production workshop requires that the warehouse provides, as needed, raw materials for use in the production process....
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Temporary price reductions (sales) are common for many goods and naturally result in a large increase in the quantity sold. We explore whether the data support the hypothesis that these increases are, at least partly, due to demand anticipation: at low prices, consumers store for future consumption. This effect, if present, has broad economic implications. We test the predictions of an inventor...
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ژورنال
عنوان ژورنال: International Journal of Production Economics
سال: 2005
ISSN: 0925-5273
DOI: 10.1016/j.ijpe.2004.06.010