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The effectiveness of a simple policy for coordinating inventory control and pricing strategies

Author(s)
Sun, Zhibo, S.M. Massachusetts Institute of Technology
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Massachusetts Institute of Technology. Computation for Design and Optimization Program.
Advisor
David Simchi-Levi.
Terms of use
M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. http://dspace.mit.edu/handle/1721.1/7582
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Abstract
We investigate the effectiveness of an (s, S, p) policy relative to an (s, S, A, p) policy in a single product, periodic review, finite horizon model with stochastic multiplicative demand and fixed ordering cost, in which an (s, S, A, p) policy is optimal. An extensive numerical study shows that empirically an (s, S, p) policy is highly effective relative to an (s, S, A, p) policy. We also formulate two alternative benchmark policies and find that the (s, S, p) policy is superior in terms of profit. In addition, we propose an efficient algorithm with simulated annealing and modified binary search to determine the (s, S, p) policy for the model.
Description
Thesis (S.M.)--Massachusetts Institute of Technology, Computation for Design and Optimization Program, 2010.
 
Cataloged from PDF version of thesis.
 
Includes bibliographical references (p. 51-54).
 
Date issued
2010
URI
http://hdl.handle.net/1721.1/61900
Department
Massachusetts Institute of Technology. Computation for Design and Optimization Program.
Publisher
Massachusetts Institute of Technology
Keywords
Computation for Design and Optimization Program.

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  • Computation for Design and Optimization - Master's degree
  • Computation for Design and Optimization - Master's degree

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