Dynamic Pricing in a Multi-Period Newsvendor Under Stochastic Price-Dependent Demand

Ullah, Misbah; Khan, Irfanullah; Sarkar, Biswajit

doi:10.3390/math7060520

Cited by 20 publications

(8 citation statements)

References 47 publications

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“…This research model can be extended for optimal transportation routing strategies, inventory handling, and priority order delivery policies. The decision-makers can further include the concept of stochastic demand or distribution free demand, for example the study done by [ 116 ]. Furthermore, GSCM can be linked to Corporate Social Responsibility (CSR) factors that will give a competitive edge to the organizations.…”

Section: Discussionmentioning

confidence: 99%

Incorporating management opinion in green supplier selection model using quality function deployment and interactive fuzzy programming

et al. 2022

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The need for environmental protection and involvement of ecological aspects in the business operations is forcing the organizations to re-examine their action plans and rebuild their supply chain activities. Many organizations are incorporating environmental rules and regulations in their everyday matters by focusing on green supplier selection. The proposed research paper develops a multi-objective interactive fuzzy programming model for the selection of suppliers. This model works on a business quartet of green appraisal score, cost, quality, and time. The model uses an environmental scale for different green parameters and all the suppliers are scored based on this scale. In this research model, Quality Function Deployment (QFD) methodology is integrated with the multi-objective interactive fuzzy programming. QFD technique is utilized to compute the weights of several green factors used for the selection of suppliers. The model uses a Fuzzy linguistic scale and a triangular membership function to link expert opinions along with their experience to solve the problem. Finally, the model is validated on a numerical case study of the textile industry for green supplier selection which achieves a 100% satisfaction for cost and time, 75% satisfaction for green appraisal score, and 93.95% for the quality. The proposed model assists the decision-makers in selecting green suppliers to improve the overall sustainability of their organizations.

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Section: Discussionmentioning

confidence: 99%

Incorporating management opinion in green supplier selection model using quality function deployment and interactive fuzzy programming

et al. 2022

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“…The expected value of stochastic demand is equal to the price-dependent deterministic demand and the expected value of random error, which is greater than zero (Ullah et al [58]).…”

Section: Manufacturer Modelmentioning

confidence: 99%

“…The numerical example is presented in this section. Data for the given example are taken from (Brito and de Almeida [47], and Ullah et al [58] Table 2. The optimum values for the decision variables are presented in Table 3 for the centralized supply chain for the seven replenishment schemes.…”

Section: Numerical Experimentsmentioning

confidence: 99%

Transfer of Risk in Supply Chain Management with Joint Pricing and Inventory Decision Considering Shortages

Khan

Sarkar

2021

Mathematics

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This study is the first to consider a distribution-free approach in a newsvendor model with a transfer of risk and back-ordering. Previously, in many articles, discrete demand is considered. In this model, we consider a newsvendor selling a single seasonal item with price-dependent stochastic demand. Competition in markets has forced the retailer and manufacturer to coordinate in decentralized supply chain management. A coordination contract is made between a retailer and manufacturer to overcome the randomness of demand for a short-life-cycle product. The retailer pays an additional amount per product to transfer the risk of unsold items. The manufacturer bears the cost of unsold products from the retailer. Shortages are allowed with back-ordering costs during the season. The distribution-free model is developed and solved with only available demand data of mean and standard deviation. Stackelberg’s game approach is used to calculate the optimal ordering quality and price. This model aims to maximize expected profit by optimizing unit selling price and ordered quantity through coordination. To illustrate that the model is robust, numerical experiment and sensitivity analyses are conducted for both decentralized and centralized supply chain management. For applicability of the model in the real-world business scenario, managerial insights are provided with sensitivity analysis.

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“…Moreover, Wang [54] developed a production model with a free warranty period and Lin [55] studied the effects of warranty and quantity discounts for deteriorating items with allowable shortages. Ullah et al [56] investigated the newsboy problem with a discount policy under various pricing strategies. However, from our literature search, few studies have developed a newsboy problem model for deteriorating items with an imperfect process.…”

Section: Literature Reviewmentioning

confidence: 99%

Optimal Replenishment Policy for Deteriorating Products in a Newsboy Problem with Multiple Just-in-Time Deliveries

et al. 2020

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Product deterioration is a common phenomenon and is overlooked in most contemporary research on the newsboy problem. In this study, we have considered product deterioration in a production–inventory newsboy model based on multiple just-in-time (JIT) deliveries. This model is solved by a classical optimization technique for the manufacturer production size, wholesale price, replenishment plan, and retailer order policy using a distribution-free approach. Moreover, in order to improve business and entice more customers, a return policy and a post-sale warranty policy is adopted in the model. Theoretical development and numerical examples are provided to demonstrate the validity of this approach.

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Dynamic Pricing in a Multi-Period Newsvendor Under Stochastic Price-Dependent Demand

Cited by 20 publications

References 47 publications

Incorporating management opinion in green supplier selection model using quality function deployment and interactive fuzzy programming

Incorporating management opinion in green supplier selection model using quality function deployment and interactive fuzzy programming

Transfer of Risk in Supply Chain Management with Joint Pricing and Inventory Decision Considering Shortages

Optimal Replenishment Policy for Deteriorating Products in a Newsboy Problem with Multiple Just-in-Time Deliveries

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