A particle swarm optimization for solving joint pricing and lot-sizing problem with fluctuating demand and trade credit financing

Authors:
Chung-Yuan Dye;Liang-Yuh Ouyang
Affiliations:
Department of Business Management, Shu-Te University, Yen Chao, Kaohsiung 824, Taiwan, ROC;Graduate Institute of Management Sciences, Tamkang University, Tamsui, Taipei 251, Taiwan, ROC
Venue:
Computers and Industrial Engineering
Year:
2011

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Abstract

Pricing is a major strategy for a retailer to obtain its maximum profit. Furthermore, under most market behaviors, one can easily find that a vendor provides a credit period (for example 30days) for buyers to stimulate the demand, boost market share or decrease inventories of certain items. Therefore, in this paper, we establish a deterministic economic order quantity model for a retailer to determine its optimal selling price, replenishment number and replenishment schedule with fluctuating demand under two levels of trade credit policy. A particle swarm optimization is coded and used to solve the mixed-integer nonlinear programming problem by employing the properties derived in this paper. Some numerical examples are used to illustrate the features of the proposed model.