Inventory models with deteriorating items: A literature review

This paper presents a review of the main characteristics of the mathematical models developed by the scientific community in order to determine an optimal inventory policy for deteriorating items. Thus, a classified bibliography of 390 articles published from 2001 to 2014 in high-impact journals is submitted while considering the type of demand and deterioration, the integration of inventory and pricing decisions, the inclusion of shortage and/or the time value of money, the consideration of multiple items and/or multi-echelon systems, and the incorporation of uncertain parameters other than demand. Finally, research questions not yet addressed by the research community in the field of inventory control for deteriorating items are pointed out.