Joint Price and Reorder Point Determination for Profit Maximization
| Autor: | Manuel Cardós Carboneras, María Victoria de la Fuente Aragón, Lorenzo Ros-McDonnell |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
TheoryofComputation_MISCELLANEOUS
Price elasticity of demand Mathematical optimization 021103 operations research Computer science Profit maximization 0211 other engineering and technologies 02 engineering and technology Maximization Reorder point Profit (economics) 0202 electrical engineering electronic engineering information engineering For profit 020201 artificial intelligence & image processing Elasticity (economics) Power function |
| Zdroj: | Lecture Notes in Management and Industrial Engineering ISBN: 9783030445294 |
| DOI: | 10.1007/978-3-030-44530-0_25 |
| Popis: | This paper proposes a novel, exact procedure for the joint determination of the reorder point and the price, given that demand is a power function of price and the objective is profit maximization. Some examples illustrate the effect of elasticity on the existence of a profit optimum; in fact just elastic demand items present such optima. The procedure presented in this paper overcomes others in the literature because an exact profit function is used instead of an approximate one. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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