Impact of delay in payment, shortage and inflation on an EOQ model with bivariate demand

References

• Arcelus, F. J., Shah, N. H., & Srinivasan, G. (2003). Retailer's pricing, credit and inventory policies for deteriorating items in response to temporary price/credit incentives. International Journal of Production Economics, 81–82, 153–162.
   Web of Science ®Google Scholar
• Avinadav, T., Herbon, A., & Spiegel, U. (2014). Optimal ordering and pricing policy for demand functions that are separable into price and inventory age. International Journal of Production Economics, 155, 406–417.
   Web of Science ®Google Scholar
• Cárdenas-Barrón, L. E., Shaikh, A. A., Tiwari, S., & Treviño-Garza, G. (2018. An EOQ inventory model with nonlinear stock dependent holding cost, nonlinear stock dependent demand and trade credit. Computers & Industrial Engineering. doi:10.1016/j.cie.2018.12.004
   Web of Science ®Google Scholar
• Chang, C. T., & Chang, S. C. (2001). On the inventory model with variable lead time and price-quantity discount. Journal of the Operational Research Society, 52(10), 1151–1158.
   Web of Science ®Google Scholar
• Chang, C. T., Wu, S. J., & Chen, L. C. (2009). Optimal payment time with deteriorating items under inflation and permissible delay in payments. International Journal of Systems Science, 40(10), 985–993.
   Web of Science ®Google Scholar
• Chang, H. J., Hung, C. H., & Dye, C. Y. (2001). An inventory model for deteriorating items with linear trend demand under the condition of permissible delay in payments. Production Planning & Control, 12(3), 274–282.
   Web of Science ®Google Scholar
• Chang, H. J., Teng, J. T., Ouyang, L. Y., & Dye, C. Y. (2006). Retailer's optimal pricing and lot-sizing policies for deteriorating items with partial backlogging. European Journal of Operational Research, 168(1), 51–64.
   Web of Science ®Google Scholar
• Chen, C. K., Hung, T. W., & Weng, T. C. (2007). Optimal replenishment policies with allowable shortages for a product life cycle. Computers & Mathematics with Applications, 53(10), 1582–1594.
   Web of Science ®Google Scholar
• Chen, J. M., & Chen, L. T. (2004). Pricing and lot-sizing for a deteriorating item in a periodic review inventory system with shortages. Journal of the Operational Research Society, 55(8), 892–901.
   Web of Science ®Google Scholar
• Chen, J. M., & Chen, L. T. (2007). Periodic pricing and replenishment policy for continuously decaying inventory with multivariate demand. Applied Mathematical Modelling, 31(9), 1819–1828.
   Web of Science ®Google Scholar
• Chen, L. H., & Kang, F. S. (2010). Integrated inventory models considering permissible delay in payment and variant pricing strategy. Applied Mathematical Modelling, 34(1), 36–46.
   Web of Science ®Google Scholar
• Cheng, M., Zhang, B., & Wang, G. (2011). Optimal policy for deteriorating items with trapezoidal type demand and partial backlogging. Applied Mathematical Modelling, 35(7), 3552–3560.
   Web of Science ®Google Scholar
• Chern, M. S., Yang, H. L., Teng, J. T., & Papachristos, S. (2008a). Partial backlogging inventory lot-size models for deteriorating items with fluctuating demand under inflation. European Journal of Operational Research, 191(1), 127–141.
   Web of Science ®Google Scholar
• Chern, M. S., Yang, H. L., Teng, J. T., & Papachristos, S. (2008b). Partial backlogging inventory lot-size models for deteriorating items with fluctuating demand under inflation. Production, Manufacturing and Logistics, 191, 127–141.
   Google Scholar
• Chung, K.-J., & Huang, C.-K. (2009). An ordering policy with allowable shortage and permissible delay in payments. Applied Mathematical Modelling, 33(5), 2518–2525.
   Web of Science ®Google Scholar
• Datta, T. K. (2013). An inventory model with price and quality dependent demand where some items produced are defective. Advances in Operations Research.
   Google Scholar
• Datta, T. K., & Paul, K. (2001). An inventory system with stock-dependent, price-sensitive demand rate. Production Planning & Control, 12(1), 13–20.
   Web of Science ®Google Scholar
• Dye, C. Y. (2007). Joint pricing and ordering policy for a deteriorating inventory with partial backlogging. Omega, 35(2), 184–189.
   Web of Science ®Google Scholar
• Dye, C. Y. (2012). A finite horizon deteriorating inventory model with two-phase pricing and time-varying demand and cost under trade credit financing using particle swarm optimization. Swarm and Evolutionary Computation, 5, 37–53.
   Web of Science ®Google Scholar
• Dye, C. Y., & Ouyang, L. Y. (2011). A particle swarm optimization for solving joint pricing and lot-sizing problem with fluctuating demand and trade credit financing. Computers & Industrial Engineering, 60(1), 127–137.
   Web of Science ®Google Scholar
• Feng, L., Chan, Y.-L., & Cárdenas-Barrón, L. E. (2017). Pricing and lot-sizing polices for perishable goods when the demand depends on selling price, displayed stocks, and expiration date. International Journal of Production Economics, 185, 11–20.
   Web of Science ®Google Scholar
• Ghosh, S. K., & Chaudhuri, K. S. (2006). An EOQ model with a quadratic demand, time-proportional deterioration and shortages in all cycles. International Journal of Systems Science, 37(10), 663–672.
   Web of Science ®Google Scholar
• Goh, M., & Sharafali, M. (2002). Price-dependent inventory models with discount offers at random times. Production and Operations Management, 11(2), 139–156.
   Web of Science ®Google Scholar
• Goyal, S. K., & Giri, B. C. (2001). Recent trends in modeling of deteriorating inventory. European Journal of Operational Research, 134(1), 1–16.
   Web of Science ®Google Scholar
• Hou, K. L. (2006). An inventory model for deteriorating items with stock-dependent consumption rate and shortages under inflation and time discounting. European Journal of Operational Research, 168(2), 463–474.
   Web of Science ®Google Scholar
• Hou, K.-L., & Lin, L.-C. (2006). An EOQ model for deteriorating items with price- and stock-dependent selling rates under inflation and time value of money. International Journal of Systems Science, 37(15), 1131–1139.
   Web of Science ®Google Scholar
• Hsieh, T. P., & Dye, C. Y. (2010). Pricing and lot-sizing policies for deteriorating items with partial backlogging under inflation. Expert Systems with Applications, 37(10), 7234–7242.
   Web of Science ®Google Scholar
• Huang, J., Leng, M., & Parlar, M. (2013). Demand functions in decision modeling: A comprehensive survey and research directions. Decision Sciences, 44(3), 557–609.
   Web of Science ®Google Scholar
• Hung, K. C. (2011). An inventory model with generalized type demand, deterioration and backorder rates. European Journal of Operational Research, 208(3), 239–242.
   Web of Science ®Google Scholar
• Ilker Birbil, S., Bulbul, K., Frenk, J. B. G., & Mulder, H. M. (2015). On EOQ cost models with arbitrary purchase and transportation costs. Journal of Industrial and Management Optimization, 11(4), 1211–1245.
   Web of Science ®Google Scholar
• Jadidi, O., Jaber, M. Y., & Zolfaghari, S. (2017). Joint pricing and inventory problem with price dependent stochastic demand and price discounts. Computers & Industrial Engineering, 114, 45–53. doi:10.1016/j.cie.2017.09.038
   Web of Science ®Google Scholar
• Ke, G. Y., & Bookbinder, J. H. (2012). The optimal quantity discount that a supplier should offer. Journal of the Operational Research Society, 63(3), 354–367.
   Web of Science ®Google Scholar
• Khan, Md. A. A., Shaikh, A. A., Panda, G. C., Konstantaras, I., & Taleizadeh, A. A. (2019). Inventory system with expiration date: pricing and replenishment decisions. Computers & Industrial Engineering, 132, 232–247. doi:10.1016/j.cie.2019.04.002
   Web of Science ®Google Scholar
• Khanra, S., & Chaudhuri, K. S. (2003). A note on an order-level inventory model for a deteriorating item with time-dependent quadratic demand. Computers and Operations Research, 30(12), 1901–1916.
   Web of Science ®Google Scholar
• Khouja, M. (2006). A joint optimal pricing, rebate value, and lot sizing model. European Journal of Operational Research, 174(2), 706–723.
   Web of Science ®Google Scholar
• Kumar, M., Chauhan, A., & Kumar, R. (2013). A deterministic inventory model for deteriorating items with price dependent demand and time varying holding cost under trade credit. International Journal of Soft Computing and Engineering, 2231–2307.
   Google Scholar
• Li, G., He, X., Zhou, J., & Wu, H. (2018). Pricing, replenishment and preservation technology investment decisions for non-instantaneous deteriorating items. Omega, 84, 114–126.
   Web of Science ®Google Scholar
• Li J., Guo C., Wang P. (2019). Joint pricing and inventory decision considering the reference price effect based on advance selling. In J. Xu, F. Cooke, M. Gen, & S. Ahmed (Eds.), Proceedings of the twelfth International Conference on Management Science and Engineering Management. ICMSEM 2018. Lecture Notes on Multidisciplinary Industrial Engineering. Cham: Springer. doi: 10.1007/978-3-319-93351-1_17
   Google Scholar
• Liao, H. C., Tsai, C. H., & Su, C. T. (2000). An inventory model with deteriorating items under inflation when a delay in payment is permissible. International Journal of Production Economics, 63(2), 207–214.
   Web of Science ®Google Scholar
• Maihami, R., & Kamalabadi, I. N. (2012). Joint pricing and inventory control for non-instantaneous deteriorating items with partial backlogging and time and price dependent demand. International Journal of Production Economics, 136(1), 116–122.
   Web of Science ®Google Scholar
• Maihami, R., Karimi, B., & Fatemi Ghomi, S. M. T. (2016). Effect of two-echelon trade credit on pricing-inventory policy of non-instantaneous deteriorating products with probabilistic demand and deterioration functions. Annals of Operations Research, 257(1), 237–273.
   Web of Science ®Google Scholar
• Makoena, S., & Olufemi, A. (2019). Economic order quantity model for growing items with incremental quantity discounts. Journal of Industrial Engineering International, 15, 545–556.
   Google Scholar
• Mishra, S. S., & Singh, P. K. (2013). Partial backlogging EOQ model for queued customers with power demand and quadratic deterioration: computational approach. American Journal of Operational Research, 3, 13–27.
   Google Scholar
• Moon, I., Giri, B. C., & Ko, B. (2005). Economic order quantity models for ameliorating/deteriorating items under inflation and time discounting. European Journal of Operational Research, 162(3), 773–785.
   Web of Science ®Google Scholar
• Mukhopadhyay, S., Mukherjee, R. N., & Chaudhuri, K. S. (2005). An EOQ model with two-parameter Weibull distribution deterioration and price-dependent demand. International Journal of Mathematical Education in Science and Technology, 36(1), 25–33.
   Google Scholar
• Ouyang, L. Y., Chang, C. T., & Teng, J. T. (2005). An EOQ model for deteriorating items under trade credits. Journal of the Operational Research Society, 56(6), 719–726.
   Web of Science ®Google Scholar
• Ouyang, L. Y., Wu, K. S., & Yang, C. T. (2006). A study on an inventory model for non-instantaneous deteriorating items with permissible delay in payments. Computers and Industrial Engineering, 51(4), 637–651.
   Web of Science ®Google Scholar
• Papachristos, S., & Skouri, K. (2003). An inventory model with deteriorating items, quantity discount, pricing and time-dependent partial backlogging. International Journal of Production Economics, 83(3), 247–256.
   Web of Science ®Google Scholar
• Rastogi, M., & Singh, S. R. (2019). An inventory system for varying deteriorating pharmaceutical items with price-sensitive demand and variable holding cost under partial backlogging in healthcare industries. Sadhana, 44(4), 95. doi:10.1007/s12046-019-1075-3
   Web of Science ®Google Scholar
• Roy, A. (2008). An inventory model for deteriorating items with price dependent demand and time varying holding cost. Advanced Modeling and Optimization, 10, 25–37.
   Google Scholar
• San-Jose, L. A., Sicilia, J., & Alcaide-López-de-Pablo, D. (2018). An inventory system with demand dependent on both time and price assuming backlogged shortages. European Journal of Operational Research, 270(3), 889–897.
   Web of Science ®Google Scholar
• Sana, S. S. (2008). An EOQ model with a varying demand followed by advertising expenditure and selling price under permissible delay in payments: for a retailer. International Journal of Modelling, Identification and Control, 5(2), 166–172.
   Google Scholar
• Sana, S. S. (2010). Optimal selling price and lotsize with time varying deterioration and partial backlogging. Applied Mathematics and Computation, 217(1), 185–194.
   Web of Science ®Google Scholar
• Sana, S. S., & Chaudhuri, K. S. (2004). On a volume flexible production policy for a deteriorating item with time-dependent demand and shortages. Advanced Modeling and Optimization, 6, 57–74.
   Google Scholar
• Sanni, S. S., & Chukwu, W. I. E. (2013). An economic order quantity model for items with three-parameter Weibull distribution deterioration, ramp-type demand and shortages. Applied Mathematical Modelling, 37(23), 9698–9706.
   Web of Science ®Google Scholar
• Sarkar, B. (2012). An EOQ model with delay in payments and time varying deterioration rate. Mathematical and Computer Modelling, 55(3–4), 367–377.
   Web of Science ®Google Scholar
• Sarkar, B., & Moon, I. (2011). An EPQ model with inflation in an imperfect production system. Applied Mathematics and Computation, 217(13), 6159–6167.
   Web of Science ®Google Scholar
• Shah, N. H., Soni, H. N., & Patel, K. A. (2013). Optimizing inventory and marketing policy for non-instantaneous deteriorating items with generalized type deterioration and holding cost rates. Omega, 41(2), 421–430.
   Web of Science ®Google Scholar
• Sundara Rajan, R., & Uthayakumar, R. (2017). Analysis and optimization of an EOQ inventory model with promotional efforts and back ordering under delay in payments. Journal of Management Analytics, 4(2), 159–181. doi:10.1080/23270012.2017.1280423
   Web of Science ®Google Scholar
• Tsao, Y. C., & Sheen, G. J. (2008). Dynamic pricing, promotion and replenishment policies for a deteriorating item under permissible delay in payments. Computers & Operations Research, 35(11), 3562–3580.
   Web of Science ®Google Scholar
• Upasani, A., & Uzsoy, R. (2014). Integrated production planning and pricing decisions in congestion-prone capacitated production systems. Essays in production, project planning and scheduling (pp. 29–68).
   Google Scholar
• Wee, H.-M., Lo, S.-T., Yu, J., & Chen, H. C. (2008). An inventory model for ameliorating and deteriorating items taking account of time value of money and finite planning horizon. International Journal of Systems Science, 39(8), 801–807.
   Web of Science ®Google Scholar
• Wu, K. S. (2002). Deterministic inventory model for items with time varying demand, Weibull distribution deterioration and shortages. Yugoslav Journal of Operations Research, 12(1), 61–72.
   Google Scholar
• Wu, K. S., Ouyang, L. Y., & Yang, C. T. (2009). Coordinating replenishment and pricing policies for non-instantaneous deteriorating items with price-sensitive demand. International Journal of Systems Science, 40(12), 1273–1281.
   Web of Science ®Google Scholar
• Yang, H. L., Teng, J. T., & Chern, M. S. (2001). Deterministic inventory lot-size models under inflation with shortages and deterioration for fluctuating demand. Naval Research Logistics, 48, 144–158.
   Web of Science ®Google Scholar
• You, P. S. (2004). Inventory policy for products with price and time-dependent demands. Journal of the Operational Research Society, 56(7), 870–873.
   Web of Science ®Google Scholar
• You, P. S. (2006). Ordering and pricing of service products in an advance sales system with price-dependent demand. European Journal of Operational Research, 170(1), 57–71.
   Web of Science ®Google Scholar
• You, P. S., & Hsieh, Y. C. (2007). An EOQ model with stock and price sensitive demand. Mathematical and Computer Modelling, 45(7–8), 933–942.
   Web of Science ®Google Scholar
• Zhang, G. (2010). The multi-product newsboy problem with supplier quantity discounts and a budget constraint. European Journal of Operational Research, 206(2), 350–360.
   Web of Science ®Google Scholar
• Zhou, S., Wan, G., Zhang, P., & Li, Y. (2014). Optimal quality level, order quantity and selling price for the retailer in a two-level supply chain. Journal of Management Analytics, 1(3), 175–184.
   Google Scholar