An economic order quantity model with state-dependent demand rate

An economic order quantity model with state-dependent demand rate

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Article ID: iaor2007556
Country: Netherlands
Volume: 171
Issue: 1
Start Page Number: 255
End Page Number: 272
Publication Date: May 2006
Journal: European Journal of Operational Research
Authors: ,
Keywords: economic order
Abstract:

We present an EOQ-type model in which the demand rate is a function of the inventory level. The demand functions and holding cost functions considered are quite general. In particular, we focus on two types of demand rate functions: a piecewise constant function and a family of exponential functions. The paper includes analysis of the problem, optimization and sensitivity analysis. We also extend the model by adding randomness to the order sizes.

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