Journal
COMPUTERS & INDUSTRIAL ENGINEERING
Volume 60, Issue 1, Pages 127-137Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.cie.2010.10.010
Keywords
Inventory; Time-varying demand; Deteriorating items; Trade credit financing; Particle swarm optimization
Funding
- National Science Council of the Republic of China [NSC-97-2221-E-366-006-MY2]
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Pricing is a major strategy for a retailer to obtain its maximum profit. Furthermore, under most market behaviors, one can easily find that a vendor provides a credit period (for example 30 days) for buyers to stimulate the demand, boost market share or decrease inventories of certain items. Therefore, in this paper, we establish a deterministic economic order quantity model for a retailer to determine its optimal selling price, replenishment number and replenishment schedule with fluctuating demand under two levels of trade credit policy. A particle swarm optimization is coded and used to solve the mixed-integer nonlinear programming problem by employing the properties derived in this paper. Some numerical examples are used to illustrate the features of the proposed model. (c) 2010 Elsevier Ltd. All rights reserved.
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