Inventory Levels of Two Stockout-based Substitutable Products under Centralized and Competitive Settings

被引:2
|
作者
Perlman, Yael [1 ]
机构
[1] Bar Ilan Univ, Dept Management, Ramat Gan, Israel
来源
IFAC PAPERSONLINE | 2019年 / 52卷 / 13期
关键词
Inventory; Stock-out substitution; Two-dimensional consumer-choice; Game theory; REPAIR; MODELS;
D O I
10.1016/j.ifacol.2019.11.403
中图分类号
TP [自动化技术、计算机技术];
学科分类号
0812 ;
摘要
In this paper, we study the optimal inventory levels of two vertically differentiated products under centralized and competitive settings using a general consumer choice model. Under the assumptions that consumers are heterogeneous and are willing to substitute with the other product if their preferred product is out of stock, we develop an inventory model under base stock substitution when the number of consumers is stochastic. Closed-form analytical solutions of the optimal inventory level are derived. We found that in comparison to a competitive setting, a centralized retailer stocks a lower level of inventory from the product that runs out of stock first and a higher level of inventory from the product that runs out second. (C) 2019, IFAC (International Federation of Automatic Control) Hosting by Elsevier Ltd. All rights reserved.
引用
收藏
页码:1450 / 1454
页数:5
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