Combined pricing and inventory control with multiple unreliable suppliers |
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Institution: | 1. Columbia Business School, Columbia University, United States of America;2. Imperial College Business School, Imperial College London, United Kingdom of Great Britain and Northern Ireland;3. School of Data Science, School of Management and Economics, The Chinese University of Hong Kong, Shenzhen, China |
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Abstract: | We study a general finite horizon, periodic review combined inventory and pricing model with N suppliers and T periods, where both the demands and the supply mechanisms are random. The random supply mechanisms are of a general type that includes most structures encountered in practice. Demands are price dependent according to general, stochastic demand functions. We characterize the optimal combined pricing and ordering policies to all N suppliers. The general results pertain to general independent supply mechanisms. Under random capacities—one of the special random supply mechanisms—they also extend to suppliers that are positively dependent on each other. |
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Keywords: | Combined pricing and inventory control General supply functions Multiple suppliers Individual threshold policies |
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