Joint replenishment and pricing decisions in inventory systems with stochastically dependent supply capacity |
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| Authors: | Xiuli Chao Hong Chen Shaohui Zheng |
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| Affiliation: | 1. Department of Industrial and Operations Engineering, University of Michigan, Ann Arbor, MI 48109-2117, USA;2. Sauder School of Business, University of British Columbia, 2053 Main Mall, Vancouver, BC, Canada V6T 1Z2;3. Department of Information and Systems Management, Hong Kong University of Science and Technology, Clear Water Bay, Kowloon, Hong Kong |
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| Abstract: | In this paper, we study a joint optimization problem of replenishment and pricing for a periodic-review inventory system with random supply capacity. When making replenishment and pricing decisions at the beginning of each period, the firm only knows the supplier’s available capacity in the current period, but does not know what will be the available capacity in future periods. The salient feature of our model is that the random supply capacities for different periods are dependent. Several stochastic dependency structures are considered for the supply capacity sequence, including the one-lag and the multi-lag dependency. |
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| Keywords: | Inventory Pricing Dependent capacity Modified base-stock policy List-price Markup Markdown |
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