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Title: Joint pricing and ordering decisions for perishable products
Keywords: Dynamic pricing, Inventory control, Perishable products, Periodic review, Demand transfers, Revenue management
Issue Date: 7-May-2007
Citation: LIU RUJING (2007-05-07). Joint pricing and ordering decisions for perishable products. ScholarBank@NUS Repository.
Abstract: Increasing adoption of dynamic pricing for perishable products is witnessed in retail and manufacturing industries. In these industries, joint pricing and ordering decisions effectively balance demand and supply, which significantly increases the total profit. This study considers a perishable product with a multiple period lifetime. Hence, in any period, the inventory contains products with different ages, purchased by different demand classes, which are independent to each other. The optimal order quantity for the new product (product of age 1) and the optimal prices for products of different ages are obtained. Further, the problem that considers demand transfers between products of different ages is studied. The computational results suggest that the effects of such demand transfers should be seriously considered. Finally, a revenue management problem is studied. The optimal allocation and the optimal price are obtained for a special case and three heuristics are proposed for general cases.
Appears in Collections:Ph.D Theses (Open)

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