Search

Your search keyword '"Zhong Yuan-guang"' showing total 13 results
Start Over Author "Zhong Yuan-guang"
13 results on '"Zhong Yuan-guang"'

7. Optimal retailer's replenishment decisions for EPQ model under up-stream and down-stream trade credit financing

Author

Wang Sheng-dong, Min Jie, Zhong Yuan-guang, and Zhou Shi-Ping

Subjects
Microeconomics, Trade credit, Stock level, Demand rate, Economics, Uniqueness, Economic order quantity, Average cost, Purchasing, Unit (housing)
Abstract

The traditional economic order quantity models usually assume that the purchasing cost must be paid for the items as soon as the items are received. However, in practice trade credit is one of the main measures to promote the sale of goods. On the other hand, the retailer would offer the trade credit period to his/her customers. That is a two-level trade credit. In this paper, we develop an EPQ model for deteriorating items under two-level trade credit, where the demand rate of the items is dependent on the current stock level, and the inventory system with inventory-level-dependent demand rate is further extended. Then we provide the necessary and sufficient conditions of the existence and uniqueness of the optimal solutions that could make the average cost per unit time to a minimum. Easy solution methods are shown to find the optimal replenishment policy of the considered problem and some theoretical evidences are provided for retailers to make the practical inventory decision. At last, numerical examples are presented to illustrate the developed model.

Published
2011

8. Retailer's optimal ordering policy under two-part trade credit financing

Author

Zhong Yuan-guang, Wang Sheng-dong, and Zhou Yong-wu

Subjects
Cash discount, Microeconomics, Trade credit, media_common.quotation_subject, Minimization problem, Economics, Order processing, Purchase cost, Inventory system, Payment, Purchasing, media_common
Abstract

The main purpose of this paper is to investigate the retailer's ordering policy under trade credit offered by the supplier. The trade credit policy discussed in this paper is a two-part strategy, l.e. (β/M 1 n/M 2 ): cash discount and delayed payment. That is, if the buyer pays within M 1 the buyer receives a cash discount β; otherwise, the full purchasing price must be paid before M 2 , where M 2 >M 1 ≥0. In this paper, we assume that the retailer has the powerful decision-making right So, we extend the assumption that the retailer can pay any fraction of the purchase cost with time M 1 or M 2 , Then, we investigate the retailer's inventory system as a cost minimization problem to determine the retailer's optimal ordering policy. Some easy-to-use theorems are developed to efficiently determine the optimal ordering policy for the retailer. We deduce some previously published results of other researchers as special cases. Finally, numerical examples are given to illustrate the theorems and obtain a lot of managerial phenomena

Published
2011

12. Optimal ordering strategies for seasonal products based on spectrum risk measure and option contract.

Author

LI Ji-cai, ZHOU Yong-wu, ZHONG Yuan-guang, and GUO Jin-sen

Subjects
*SEASONAL industries, *CORPORATE profits, *DECISION making, *FINANCIAL risk management, *OPTION (Contract)
Abstract

Traditional ordering decisions for seasonal products often focus on minimizing expected cost or maximizing expected profits, which assume decision makers to be risk neutral. In this paper, we incorporate retailer's different risk attitudes by means of spectrum risk measure into the ordering decision model for seasonal products, and discuss the optimal ordering decisions of the retailer under the option contract mechanism. We show that the optimal ordering quantities of cash commodity and option commodity are existent and unique, and then analyze the specific ordering strategy, of the retailer who has different risk preferences through the mean-CVaR risk spectrum function. The effects of the retailer's risk attitude, and the price parameters of option contract on the optimal ordering decisions are also analyzed. Finally, we illustrate our theoretical results by some numerical examples. [ABSTRACT FROM AUTHOR]

Published
2013

13. Optimal advertisement cost and order policy for Newsboy-type-merchandise under the CVaR criterion.

Author

Li Ji-cai, Zhou Yong-wu, and Zhong Yuan-guang

Subjects
*VALUE at risk, *ADVERTISING, *PROFIT, *COST, *RETAIL industry, *RISK aversion
Abstract

The standard Newsboy problem is based upon risk neutrality with an objective of maximizing expected profit or minimizing expected cost. In this paper, we consider the optimal advertisement cost and order policy under the conditional value-at-risk (CVaR) criterion in a Newsboy model, in which the retailer is risk averse and faces a random demand depending on advertising expenditure. We analyse the effect of risk aversion, the uncertainty in demand, and the merchandise nature on the optimal advertisement investment cost and order quantity decision. And then we illustrate our findings by some numerical examples. These results will be helpful for retailers to make advertisement investment policy, and order policy feasibly and scientifically. [ABSTRACT FROM AUTHOR]

Published
2012

Catalog

Books, media, physical & digital resources
See catalog results