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A multi-period inventory model with multi-dimensional procurement bidding
- Source :
- Annals of Operations Research. 186:101-118
- Publication Year :
- 2011
- Publisher :
- Springer Science and Business Media LLC, 2011.
-
Abstract
- We consider a multi-period inventory model with raw material procurements carried out via a reverse auction. Bids are multi-dimensional, and they consist of supplier information of price, shortage quantity and lead time. This work is an extension of our earlier work that has focused on multi-dimensional procurement auctions in single-period inventory models, to multi-period settings. The new model is based on a hybrid approach combining stochastic dynamic programming and simulation.
Details
- ISSN :
- 15729338 and 02545330
- Volume :
- 186
- Database :
- OpenAIRE
- Journal :
- Annals of Operations Research
- Accession number :
- edsair.doi...........daeae0cc0a7571884693869f826485d6
- Full Text :
- https://doi.org/10.1007/s10479-011-0893-4