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Optimal ordering and pricing policies in a single-period environment with multivariate demand and markdowns

โœ Scribed by Timothy L. Urban; R.C. Baker


Publisher
Elsevier Science
Year
1997
Tongue
English
Weight
625 KB
Volume
103
Category
Article
ISSN
0377-2217

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โœฆ Synopsis


This paper investigates a single-period inventory model in which the demand of the product is a deterministic, multivariate function of price, time, and level of inventory. Models are formulated for the basic pricing case and the case with a price markdown during the season. Solution methodologies are presented for each case when the pricing decisions are predetermined and when they are decision variables. Comments on the practical use of this model are presented, and sensitivity analysis is conducted on the decision variables and demand parameters.


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