We consider the jointly replenishing N identical firms that operate under an EOQ like setting using a non-cooperative game. In this game, each firm bids how much it is willing to pay per unit of its replenishment and a service provider determines the frequency of the joint orders. We characterize the equilibrium under full and asymmetric information.

Recycling of products has a great impact on contemporary sustainable business strategies. In this study, recycling process in production-inventory model for an imperfect production system with fixed ratio recyclable defective is introduced. The piecewise constant demand rates the non-defective items are considered under run-time, off-time positive stock, and shortages varying conditions. Based ...

Economic theory is, to a large extent, about money – about costs, prices, markets, return on investment, profit and similar economic concepts. This is also the case with the theory of production economics. However, the theory of production economics is special in that the limits of economic behaviour are defined by the technical production possibilities. Production technology is the decisive fa...

This study applies periodic preventive maintenance (PM) to economic production quantity (EPQ) model for a randomly failing production process having a deteriorating production system with increasing hazard rate: minimal repaired and reworked upon failure (out of control state). The minimal repair performs restorations and returns the system to an operating state (in-control state). It is assume...

This investigation presents an economic production quantity (EPQ) model for deteriorating items with stock-dependent demand and shortages. It is assumed that a constant fraction of the on-hand inventory deteriorates and demand rate depends upon the amount of the stock level. Expression for various optimal indices as well as cost analysis are provided. By taking numerical illustration, sensitivi...