Optimal Deteriorating Inventory Control and Price Theory: Methodologies and Applications

The implicit assumption in conventional inventory models is that the stored products maintain the same utility forever. However, almost all products experience some sort of deterioration over time. Fruits, vegetables, drugs, blood, perfumes, alcohol, gasoline, radioactive substances, photographic films, and electronic components are examples that can experience significant deterioration during storage. The current situation calls for an optimal inventory control and pricing strategy for deteriorating products. There is a severe lack of solid and comprehensive research in this area. In light of this, this book focuses on developing and implementing tools to effectively manage deteriorating inventory and pricing strategies. The models incorporate various real-world conditions such as periodic review, time-varying deterioration rate, partial backlogging, time-dependent customer demand, discrete customer demand etc. You need this book if you are a researcher or practitioner interested in production and inventory control, large scale optimization, optimization modeling, pricing science, logistics and supply chain management.