We study the inventory control problem of a retailer working under stochastic demand and stochastic limited supply. We assume that the unfilled part of the retailer's order is fully backordered at the supplier and replenished with certainty in the following period. As it may not always be optimal for the retailer to replenish the backordered supply, we also consider the setting in which the ret...

We present a two-echelon dual-channel inventory model in which stocks are kept in both a manufacturer warehouse (upper echelon) and a retail store (lower echelon), and the product is available in two supply channels: a traditional retail store and an Internet-enabled direct channel. The system receives stochastic demand from two customer segments: those who prefer the traditional retail store a...

The simultaneous stochastic pricing and inventory management with capacitated cash-on-hand is a profit maximization problem faced by a firm, which has limited working capital for its liabilities. In addition to this working capital constraint, the company has to dynamically price its products and determine inventory levels to minimize its expected cost. In our study, we tackle this complicated ...

How should companies price products during an inter-generational transition? High uncertainty in a new product introduction often leads to extreme cases of demand and supply mismatches. Pricing is an effective tool to either prevent or alleviate these problems. We study the optimal pricing decisions in the context of a product transition in which a new-generation product replaces an old one. We...

This paper surveys recent works on queuing approaches to a number of optimization problems in production systems, especially modem jobbing production systems (or multi-item small lot production systems) represented by flexible manufacturing systems (FMS). This paper outlines optimization problems concerning with such aspects of the system design and control as workioading, job selection, produc...

This paper studies a Markov model of queuing-inventory system with primary, retrial, and feedback customers. Primary customers form Poisson flow, if an inventory level is positive upon their arrival, they instantly receive the items. If equal to zero arrival primary customer, then this according Bernoulli scheme, either leaves or goes into infinite buffer repeat request in future. The rate retr...

This paper deals with the coordination of manufacturing, remanufacturing and returns acceptance control in a hybrid production-inventory system. We use a queuing control framework, where manufacturing and remanufacturing are modelled by single servers with exponentially distributed processing times. Customer demand and returned products arrive in the system according to independent Poisson proc...

Group-buying auction has become a popular marketing strategy in the last decade. In this paper, a stochastic model is developed for an inventory system subjects to demands from group-buying auctions. The model discussed here takes into the account of the costs of inventory, transportation, dispatching and re-order as well as the penalty cost of non-successful auctions. Since a new cycle begins ...

Research examining various psychological correlates of circadian type (also known as diurnal preference) has been, over the years, quite expansive. A notable omission within this research program would appear a systematic exploration of the relation between intelligence and morningness± eveningness. The present study redressed this imbalance. 420 participants performed two self-report inventori...