Dissertation/Thesis
Dynamic inventory and pricing management with total minimum commitment contracts and positive lead times
| Τίτλος: | Dynamic inventory and pricing management with total minimum commitment contracts and positive lead times |
|---|---|
| Συνεισφορές: | Ma, Ning (author.), Gong, Xiting (thesis advisor.), Chinese University of Hong Kong Graduate School. Division of Systems Engineering and Engineering Management. (degree granting institution.) |
| Έτος έκδοσης: | 2019 |
| Συλλογή: | The Chinese University of Hong Kong: CUHK Digital Repository / 香港中文大學數碼典藏 |
| Θεματικοί όροι: | Inventory control--Mathematical models, Pricing--Mathematical models, Contracts--Mathematical models, Production management--Mathematical models, TS160 .M318 2019eb |
| Περιγραφή: | M.Phil. ; We study the optimal joint inventory and pricing policy for a system with positive lead times and total minimum commitment (TMC) contracts over a finite planning horizon. Under demand backlogging assumption and an additive demand model, we formulate a dynamic programming model and use the concept of multimodularity to obtain structural results of the optimal policy. We prove that the value function is both a monotone and multimodular function, and derivatives of the optimal pricing and ordering policies with respect to inventory levels and committed quantity are bounded. We also show convergence results on the value function and optimal policy as the committed quantity goes infinity. These findings make the optimal policy directly cornputable for cases with short lead times. For general lead times, however , the computation is intractable due to t he curse of dimensionality. Therefore, we develop a simple yet near-optimal heuristic policy. We use price-deflated inventory position to weighted aggregating the on-hand and pipeline inventory into a single state variable, and propose the pricing and ordering policy. Besides, we propose a benchmark policy based on dynamically adjusted static pricing in order to compare its performance with the heuristic. Finally, a numerical study is conducted to evaluate the performance of the heuristic. The numerical results show that under different positive lead times and finite planning horizons, the heuristic is near-optimal when comparing expected profits with the optimal system and the heuristic performs better than the benchmark. The performance of t he heuristic t ends to be better as the demand variability decreases, as the mean demand price sensitivity decreases, and as the unit backlogging cost decreases. ... |
| Τύπος εγγράφου: | Thesis |
| Περιγραφή αρχείου: | electronic resource; remote; 1 online resource (ii-vii, 43 leaves) : illustrations (some color); computer; online resource |
| Γλώσσα: | English Chinese |
| Relation: | cuhk:2327207; local: ETD920200863; local: 991039842709103407 |
| Διαθεσιμότητα: | https://julac.hosted.exlibrisgroup.com/primo-explore/search?query=addsrcrid,exact,991039842709103407,AND&tab=default_tab&search_scope=All&vid=CUHK&mode=advanced&lang=en_US https://repository.lib.cuhk.edu.hk/en/item/cuhk-2327207 |
| Rights: | Use of this resource is governed by the terms and conditions of the Creative Commons "Attribution-NonCommercial-NoDerivatives 4.0 International" License (http://creativecommons.org/licenses/by-nc-nd/4.0/) |
| Αριθμός Καταχώρησης: | edsbas.239B0FEF |
| Βάση Δεδομένων: | BASE |
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| Header | DbId: edsbas DbLabel: BASE An: edsbas.239B0FEF RelevancyScore: 805 AccessLevel: 3 PubType: Dissertation/Thesis PubTypeId: unknown PreciseRelevancyScore: 805.215454101563 |
| IllustrationInfo | |
| Items | – Name: Title Label: Title Group: Ti Data: Dynamic inventory and pricing management with total minimum commitment contracts and positive lead times – Name: Author Label: Contributors Group: Au Data: Ma, Ning (author.)<br />Gong, Xiting (thesis advisor.)<br />Chinese University of Hong Kong Graduate School. Division of Systems Engineering and Engineering Management. (degree granting institution.) – Name: DatePubCY Label: Publication Year Group: Date Data: 2019 – Name: Subset Label: Collection Group: HoldingsInfo Data: The Chinese University of Hong Kong: CUHK Digital Repository / 香港中文大學數碼典藏 – Name: Subject Label: Subject Terms Group: Su Data: <searchLink fieldCode="DE" term="%22Inventory+control--Mathematical+models%22">Inventory control--Mathematical models</searchLink><br /><searchLink fieldCode="DE" term="%22Pricing--Mathematical+models%22">Pricing--Mathematical models</searchLink><br /><searchLink fieldCode="DE" term="%22Contracts--Mathematical+models%22">Contracts--Mathematical models</searchLink><br /><searchLink fieldCode="DE" term="%22Production+management--Mathematical+models%22">Production management--Mathematical models</searchLink><br /><searchLink fieldCode="DE" term="%22TS160+%2EM318+2019eb%22">TS160 .M318 2019eb</searchLink> – Name: Abstract Label: Description Group: Ab Data: M.Phil. ; We study the optimal joint inventory and pricing policy for a system with positive lead times and total minimum commitment (TMC) contracts over a finite planning horizon. Under demand backlogging assumption and an additive demand model, we formulate a dynamic programming model and use the concept of multimodularity to obtain structural results of the optimal policy. We prove that the value function is both a monotone and multimodular function, and derivatives of the optimal pricing and ordering policies with respect to inventory levels and committed quantity are bounded. We also show convergence results on the value function and optimal policy as the committed quantity goes infinity. These findings make the optimal policy directly cornputable for cases with short lead times. For general lead times, however , the computation is intractable due to t he curse of dimensionality. Therefore, we develop a simple yet near-optimal heuristic policy. We use price-deflated inventory position to weighted aggregating the on-hand and pipeline inventory into a single state variable, and propose the pricing and ordering policy. Besides, we propose a benchmark policy based on dynamically adjusted static pricing in order to compare its performance with the heuristic. Finally, a numerical study is conducted to evaluate the performance of the heuristic. The numerical results show that under different positive lead times and finite planning horizons, the heuristic is near-optimal when comparing expected profits with the optimal system and the heuristic performs better than the benchmark. The performance of t he heuristic t ends to be better as the demand variability decreases, as the mean demand price sensitivity decreases, and as the unit backlogging cost decreases. ... – Name: TypeDocument Label: Document Type Group: TypDoc Data: Thesis – Name: Format Label: File Description Group: SrcInfo Data: electronic resource; remote; 1 online resource (ii-vii, 43 leaves) : illustrations (some color); computer; online resource – Name: Language Label: Language Group: Lang Data: English<br />Chinese – Name: NoteTitleSource Label: Relation Group: SrcInfo Data: cuhk:2327207; local: ETD920200863; local: 991039842709103407 – Name: URL Label: Availability Group: URL Data: https://julac.hosted.exlibrisgroup.com/primo-explore/search?query=addsrcrid,exact,991039842709103407,AND&tab=default_tab&search_scope=All&vid=CUHK&mode=advanced&lang=en_US<br />https://repository.lib.cuhk.edu.hk/en/item/cuhk-2327207 – Name: Copyright Label: Rights Group: Cpyrght Data: Use of this resource is governed by the terms and conditions of the Creative Commons "Attribution-NonCommercial-NoDerivatives 4.0 International" License (http://creativecommons.org/licenses/by-nc-nd/4.0/) – Name: AN Label: Accession Number Group: ID Data: edsbas.239B0FEF |
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| RecordInfo | BibRecord: BibEntity: Languages: – Text: English – Text: Chinese Subjects: – SubjectFull: Inventory control--Mathematical models Type: general – SubjectFull: Pricing--Mathematical models Type: general – SubjectFull: Contracts--Mathematical models Type: general – SubjectFull: Production management--Mathematical models Type: general – SubjectFull: TS160 .M318 2019eb Type: general Titles: – TitleFull: Dynamic inventory and pricing management with total minimum commitment contracts and positive lead times Type: main BibRelationships: HasContributorRelationships: – PersonEntity: Name: NameFull: Ma, Ning (author.) – PersonEntity: Name: NameFull: Gong, Xiting (thesis advisor.) – PersonEntity: Name: NameFull: Chinese University of Hong Kong Graduate School. Division of Systems Engineering and Engineering Management. (degree granting institution.) IsPartOfRelationships: – BibEntity: Dates: – D: 01 M: 01 Type: published Y: 2019 Identifiers: – Type: issn-locals Value: edsbas – Type: issn-locals Value: edsbas.oa |
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