The newsboy problem with multiple discounts offered by suppliers and retailers

Article Abstract:

A new model and a solution for the newsboy problem is created and is extended to concentrate more on multiple discounts retailers use to get rid of excess inventory than quantity discounts offered by suppliers. The model is formulated by using a case where an added amount retailers can sell at a certain discount price is directly proportional to the demand at a regular price. Research reveals that multiple discounts can result to improved order quantity than that with only supplier discounts.

Retail Trade, Case studies, Supply and demand

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Axiomatic justification for a geometric quality aggregation function

Article Abstract:

Four axioms were studied to justify a geometric quality aggregation function, which is an arithmetic weighted average. Results showed that the geometric quality aggregation function was consistent with all four axioms. The study supports a geometric, or multiplicative, function as an excellent option that is also consistent with the four axioms. The results of the research have significant implications on the way managers come up with decisions concerning quality improvement initiatives.

Management Theory & Techniques, Decision-making, Models, Decision making, Axiomatic set theory, Parameter estimation, Geometric probabilities

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Determining order quantity and selling price by geometric programming: optimal solution, bounds, and sensitivity

Article Abstract:

Geometric programming (GP) is used in finding the optimal price and lot size for both the continuous discounts and no-discounts cases with the objective of maximizing profit for a retailer. By employing the posynomial transformation to GP, global optimality can readily be solved. More importantly, availability of sensitivity results, as well as lower and upper bounds make GP a more efficient alternative to solving pricing and lot-sizing problems.

Optimization theory, Mathematical programming

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