Please use this identifier to cite or link to this item: https://doi.org/10.1016/j.ejor.2005.03.018
Title: Inventory control in the presence of an electronic marketplace
Authors: Lee, L.H. 
Lee, C. 
Bao, J.
Keywords: Electronic marketplace
EM policy
Inventory control
Ordering policy
Issue Date: 16-Oct-2006
Source: Lee, L.H., Lee, C., Bao, J. (2006-10-16). Inventory control in the presence of an electronic marketplace. European Journal of Operational Research 174 (2) : 797-815. ScholarBank@NUS Repository. https://doi.org/10.1016/j.ejor.2005.03.018
Abstract: This paper studies a periodic review inventory model in the presence of an electronic marketplace (EM). Emergency orders can be placed in the EM for additional cost, and excess inventory can be sold to the EM. When the order leadtime from the supplier is one period, the optimal inventory control policy is developed from a dynamic programming model of the problem. The policy is characterized by three critical inventory levels. When the order leadtime from the supplier is longer than one period, an EM policy is developed to determine the quantities of inventory to purchase from and sell to the EM in each period. Based on this EM policy, three ordering policies are proposed to determine the order quantity from the supplier. Numerical results show that significant cost reductions can be obtained by using the EM to adjust the inventory level in each period. The amount of cost reduction is greatly affected by system parameters, especially the order leadtime from the supplier and the costs for transactions in the EM. © 2005 Elsevier B.V. All rights reserved.
Source Title: European Journal of Operational Research
URI: http://scholarbank.nus.edu.sg/handle/10635/63161
ISSN: 03772217
DOI: 10.1016/j.ejor.2005.03.018
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