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A multi-period inventory model with multi-dimensional procurement bidding

Authors :
Tayfur Altiok
Pooya Farahvash
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