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An inventory model with random discount offerings |
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| Authors: | M. Mahdi Tajbakhsh Chi-Guhn Lee Saeed Zolfaghari |
| Affiliation: | 1. Department of Industrial Engineering, Dalhousie University, P.O. Box 1000, Halifax, Canada NS B3J 2X4;2. Department of Mechanical and Industrial Engineering, University of Toronto, 5 King''s College Road, Toronto, Canada ON M5S 3G8;3. Department of Mechanical and Industrial Engineering, Ryerson University, 350 Victoria Street, Toronto, Canada ON M5B 2K3 |
| Abstract: | We consider an inventory model in which a supplier makes deal offers with random discount prices at random points in time. Assuming that discount offerings follow a Poisson process and discount price is a discrete random variable with a known distribution, we propose a continuous-review control policy for the model and derive optimality conditions for the policy parameters. The model is then extended to the case of multiple suppliers that offer discount deals with supplier-specific Poisson processes and discount prices. Numerical examples are presented to demonstrate cost savings due to discount offers. |
| Keywords: | Inventory management Price discount Stochastic price Multiple suppliers |
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