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Article: An integrated pricing and deteriorating model and a hybrid algorithm for a VMI (vendor-managed-inventory) supply chain

TitleAn integrated pricing and deteriorating model and a hybrid algorithm for a VMI (vendor-managed-inventory) supply chain
Authors
KeywordsDeteriorating rate
Inventory
Pricing
Supply chain
Vendor managed inventory
Issue Date2011
PublisherIEEE.
Citation
IEEE Transactions on Automation Science and Engineering, 2011, v. 8 n. 4, p. 673-682 How to Cite?
AbstractThis paper studies a vendor-managed-inventory (VMI) supply chain where a manufacturer, as a vendor, procures a type of nondeteriorating raw material to produce a deteriorating product, and distribute it to multiple retailers. The price of the product offered by one retailer is also influenced by the prices offered by other retailers because consumers can choose the product from any of the retailers. This paper is one of the first papers that propose an integrated model to study the influence of pricing and deterioration on the profit of such a VMI system. A hybrid approach combining genetic algorithms and an analytical method is developed for efficiently determining the optimal price of the product of each retailer, the inventory policies of the product and the raw material. Our results of a detailed numerical study show that parameters related to the market and deterioration have significant influences on the profit of the VMI system. However, different from common intuition, we find that an increase in the substitution elasticity of the product among different retailers can bring an increase in the retail prices of the product, while the increase of the market scale can reduce the retail prices. © 2011 IEEE.
Persistent Identifierhttp://hdl.handle.net/10722/139298
ISSN
2015 Impact Factor: 2.696
2015 SCImago Journal Rankings: 1.832
ISI Accession Number ID
Funding AgencyGrant Number
Chinese Academy of Sciences
National Outstanding Young Researchers (NWO VENI)451-07-017
National Sciene Foundation of China (NSFC)70821001
70501027
71090401/71090400
Fundamental Research Funds for the Central Universities10LZUJBWZY080
Funding Information:

This work was supported by the Grant of One-Hundred Talents Program from the Chinese Academy of Sciences, the grant for National Outstanding Young Researchers (NWO VENI #451-07-017) in the Netherlands, and in part by the National Sciene Foundation of China (NSFC) under Grants 70821001, 70501027, Grant 71090401/71090400), and the Fundamental Research Funds for the Central Universities under Grant 10LZUJBWZY080.

References

 

DC FieldValueLanguage
dc.contributor.authorYu, Yen_HK
dc.contributor.authorHuang, GQen_HK
dc.contributor.authorHong, Zen_HK
dc.contributor.authorZhang, Xen_HK
dc.date.accessioned2011-09-23T05:48:08Z-
dc.date.available2011-09-23T05:48:08Z-
dc.date.issued2011en_HK
dc.identifier.citationIEEE Transactions on Automation Science and Engineering, 2011, v. 8 n. 4, p. 673-682en_HK
dc.identifier.issn1545-5955en_HK
dc.identifier.urihttp://hdl.handle.net/10722/139298-
dc.description.abstractThis paper studies a vendor-managed-inventory (VMI) supply chain where a manufacturer, as a vendor, procures a type of nondeteriorating raw material to produce a deteriorating product, and distribute it to multiple retailers. The price of the product offered by one retailer is also influenced by the prices offered by other retailers because consumers can choose the product from any of the retailers. This paper is one of the first papers that propose an integrated model to study the influence of pricing and deterioration on the profit of such a VMI system. A hybrid approach combining genetic algorithms and an analytical method is developed for efficiently determining the optimal price of the product of each retailer, the inventory policies of the product and the raw material. Our results of a detailed numerical study show that parameters related to the market and deterioration have significant influences on the profit of the VMI system. However, different from common intuition, we find that an increase in the substitution elasticity of the product among different retailers can bring an increase in the retail prices of the product, while the increase of the market scale can reduce the retail prices. © 2011 IEEE.en_HK
dc.languageengen_US
dc.publisherIEEE.en_US
dc.relation.ispartofIEEE Transactions on Automation Science and Engineeringen_HK
dc.rightsIEEE Transactions on Automation Science and Engineering. Copyright © IEEE.en_US
dc.rights©2011 IEEE. Personal use of this material is permitted. However, permission to reprint/republish this material for advertising or promotional purposes or for creating new collective works for resale or redistribution to servers or lists, or to reuse any copyrighted component of this work in other works must be obtained from the IEEE.en_US
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectDeteriorating rateen_HK
dc.subjectInventoryen_HK
dc.subjectPricingen_HK
dc.subjectSupply chainen_HK
dc.subjectVendor managed inventoryen_HK
dc.titleAn integrated pricing and deteriorating model and a hybrid algorithm for a VMI (vendor-managed-inventory) supply chainen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=1545-5955&volume=PP&issue=99&spage=1&epage=&date=2011&atitle=An+Integrated+Pricing+and+Deteriorating+Model+and+a+Hybrid+Algorithm+for+a+VMI+(Vendor-Managed-Inventory)+Supply+Chainen_US
dc.identifier.emailHuang, GQ:gqhuang@hkucc.hku.hken_HK
dc.identifier.authorityHuang, GQ=rp00118en_HK
dc.description.naturepublished_or_final_version-
dc.identifier.doi10.1109/TASE.2011.2140371en_HK
dc.identifier.scopuseid_2-s2.0-80053646827en_HK
dc.identifier.hkuros194815en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-80053646827&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume8en_HK
dc.identifier.issue4en_HK
dc.identifier.spage673en_HK
dc.identifier.epage682en_HK
dc.identifier.isiWOS:000295583800001-
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridYu, Y=14822788000en_HK
dc.identifier.scopusauthoridHuang, GQ=7403425048en_HK
dc.identifier.scopusauthoridHong, Z=52663476500en_HK
dc.identifier.scopusauthoridZhang, X=53872287100en_HK

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