the traditional economic production quantity (epq) model assumes that during the production process no imperfect item is produced. but in the real production system, due to imperfect production process or other factors, imperfect quality items may be produced. furthermore, it is well-known that the total production-inventory costs can be reduced by reworking the imperfect quality items produced...

Inventory models play a leading role in analyzing a lot of realistic situations arising at places like, food and vegetable markets, market yards, oil exploration industries, etc. In the present article, we developed an inventory model for deteriorating items with permissible delay in payment under inflation. In the given model, demand rate is considered as stock-dependent and deterioration rate...

Most of production inventory systems is interested in determining the optimal stopping and restarting times of producing certain commodity. In this paper, a multi-item production inventory model under resource constraints is considered. For any product, each of the production, the demand, and the deterioration rates in any cycle as well as all cost parameters are treated as known and arbitrary ...

This paper develops an analytically tractable Bewley model of money demand to shed light on some important questions in monetary theory, such as the welfare cost of inflation. It is shown that when money is a vital form of liquidity to meet uncertain consumption needs, the welfare costs of inflation can be extremely large. With log utility and parameter values that best match both the aggregate...

This paper presents the economic ordering policies of time-dependent deteriorating items in presence of trade credit using of discounted cash-flows (DCF) approach. In inventory analysis a DCF approach permits a proper recognition of the financial implication of the opportunity cost and out-of-pocket cost. In the inventory model, shortages are not allowed. In this study mathematical models are a...

This paper develops a method for solving the single product multi-period production-planning problem, in which the production and the inventory costs of each period arc concave and backlogging is not permitted. It is also assumed that the unit variable cost of the production evolves according to a continuous time Markov process. We prove that this production-planning problem can be Stated as a ...

Here we investigate the existence of credit in a cash-in-advance economy where there are complete markets but for the fact that agents cannot commit to repay their debts. Defectors are banned from the credit market but they can use money balances for saving purposes. Without uncertainty, deflation crowds out credit completely. The equilibrium allocation, however, is efficient if the government ...

In this paper, a realistic replenishment model with multiple warehouses (one is primary warehouse (PW) from where the items are sold and others are secondary warehouses (SWs) where the items are stored) is developed with fuzzy lead-time under the assumption that the capacities of the warehouses are finite. Inflation and time value of money are taken into account. The items of secondary warehous...

Delayed payment (trade credit) and prepayment are widely observed forms of interfirm credit. We propose a simple theory to account for the prevalence of such credit. A downstream firm trades off inventory holding costs against lost sales. Lost final sales impose a negative externality on the upstream firm. The solution requires a subsidy limited by the value of inputs. Allowing the downstream f...