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- Title
The Jointed Decision Model on Ordering and Pricing for a Newsboy-type Retailer.
- Authors
Bin Liu; Hui Zhang; Sifeng Liu
- Abstract
Abstract: This paper deals with the jointed decision question on ordering and pric- ing for a short-life-cycle product under stochastic multiplicative demand depended selling price. According to the marketing practices, which retailers sell their products in different periods with the different marketing policies, we depict the jointed decision question with a stochastic dynamic programming model from the view of the centralized system. Then, we prove that the expected profit function are concave on decision vectors respectively, and develop the decision method for ordering and pricing. Lastly, we design the iterative search arithmetic to find the optimal decision vectors.
- Subjects
DYNAMIC programming; MATHEMATICAL optimization; STOCHASTIC programming; LINEAR programming; ITERATIVE methods (Mathematics); NUMERICAL analysis; ARITHMETIC
- Publication
Journal of Systems Science & Information, 2006, Vol 4, Issue 3, p467
- ISSN
1478-9906
- Publication type
Article