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dc.contributor.authorYildiz, Baris
dc.contributor.authorSutcu, Muhammed
dc.date.accessioned2022-12-12T11:09:21Z
dc.date.available2022-12-12T11:09:21Z
dc.date.issued2023en_US
dc.identifier.issn0957-4174
dc.identifier.issn1873-6793
dc.identifier.otherWOS:000870848000003
dc.identifier.urihttps://doi.org/10.1016/j.eswa.2022.118801
dc.identifier.urihttps://hdl.handle.net/20.500.12573/1419
dc.description.abstractIn this paper, we examine a selling environment where a manufacturer-controlled retailer and an independent retailer sell a slow-moving A item. The manufacturer offers the independent retailer a price protection contract stipulating that the manufacturer reimburses the independent retailer in case of a reduction in the wholesale price. The price set by the independent retailer is assumed to be determined by Retail Fixed Markdown (RFM) policy. The manufacturer also offers the independent retailer a special discount rate for the replenishment orders and the retailers are assumed to follow (R, S) inventory replenishment policy. The manufacturer adopts a periodic-review pricing strategy and the mean demand observed by each retailer in a given period depends on the prices. We also take the customers choosing no-purchase option into account. We employ multinomial logit (MNL) models to forecast customers’ preferences based on retail prices. The retailers’ market shares are estimated by customized choice probability functions. We propose stochastic programming models to determine the manufacturer’s pricing strategy. Then, we propose a variant Stochastic Dual Dynamic Programming (SDDP) algorithm to determine the manufacturer’s approximately optimal pricing strategy by getting around three curses of dimensionality. Then, we move on to the observations on the impact of four critically important contractual parameters on the price, the market shares and the expected total net profits and finally discuss some possible approaches for the selection of the best compromise values of those contractual parameters.en_US
dc.language.isoengen_US
dc.publisherElsevieren_US
dc.relation.isversionof10.1016/j.eswa.2022.118801en_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectPrice protectionen_US
dc.subjectEnd-of-life returnsen_US
dc.subjectPrice commitment policiesen_US
dc.subjectRetail fixed markdown policyen_US
dc.subjectStochastic dual dynamic programmingen_US
dc.subjectStochastic programmingen_US
dc.titleA variant SDDP approach for periodic-review approximately optimal pricing of a slow-moving a item in a duopoly under price protection with end-of-life return and retail fixed markdown policyen_US
dc.typearticleen_US
dc.contributor.departmentAGÜ, Mühendislik Fakültesi, Endüstri Mühendisliği Bölümüen_US
dc.contributor.authorID0000-0002-8523-9103en_US
dc.contributor.institutionauthorYıldız, Barış
dc.contributor.institutionauthorSütçü, Muhammed
dc.identifier.volume212en_US
dc.identifier.startpage1en_US
dc.identifier.endpage19en_US
dc.relation.journalEXPERT SYSTEMS WITH APPLICATIONSen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US


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