Optimal pricing and production policies of a make-to-stock system with fluctuating demand
Probability in the Engineering and Informational Sciences
Dynamic pricing and inventory control for a production system with average profit criterion
Probability in the Engineering and Informational Sciences
Inventory, Discounts, and the Timing Effect
Manufacturing & Service Operations Management
A new approach for the stochastic cash balance problem with fixed costs
Probability in the Engineering and Informational Sciences
Inventory Centralization Games with Price-Dependent Demand and Quantity Discount
Operations Research
Technical Note---Preservation of Quasi-K-Concavity and Its Applications
Operations Research
Dynamic selling of quality-graded products under demand uncertainties
Computers and Industrial Engineering
Integration of Inventory and Pricing Decisions with Costly Price Adjustments
Operations Research
An inventory system with two suppliers and default risk
Operations Research Letters
Coordinating inventory control and pricing strategies: The continuous review model
Operations Research Letters
Optimality of (s,S,p) policy in a general inventory-pricing model with uniform demands
Operations Research Letters
Optimal Structural Policies for Ambiguity and Risk Averse Inventory and Pricing Models
SIAM Journal on Control and Optimization
Proceedings of the Winter Simulation Conference
The value of modeling with reference effects in stochastic inventory and pricing problems
Expert Systems with Applications: An International Journal
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We analyze an infinite horizon, single-product, periodic review model in which pricing and production/inventory decisions are made simultaneously. Demands in different periods are identically distributed random variables that are independent of each other, and their distributions depend on the product price. Pricing and ordering decisions are made at the beginning of each period, and all shortages are backlogged. Ordering cost includes both a fixed cost and a variable cost proportional to the amount ordered. The objective is to maximize expected discounted, or expected average, profit over the infinite planning horizon. We show that a stationary ( s,S,p) policy is optimal for both the discounted and average profit models with general demand functions. In such a policy, the period inventory is managed based on the classical ( s,S) policy, and price is determined based on the inventory position at the beginning of each period.