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Uncertain random optimal control model for deteriorating inventory with the finite horizon.

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Title: Uncertain random optimal control model for deteriorating inventory with the finite horizon.
Authors: Wang, Yan1 (AUTHOR) wyan@njfu.edu.cn, Peng, Hongjun1 (AUTHOR) penghj@njfu.edu.cn, Chen, Xin1 (AUTHOR) xchen@njfu.edu.cn
Source: Mathematics & Computers in Simulation. Nov2024, Vol. 225, p695-715. 21p.
Subjects: Optimal control theory, Inventories, Time-based pricing, Probability theory, Random sets, Matrix inequalities
Abstract: This paper examines a deteriorating inventory model with combined pricing and production during a limited selling time in an uncertain random setting. Demand is influenced by market size and price, which are portrayed in terms of random variables. The uncertainty factors affecting the inventory are represented by multiple Liu processes. Inventories deteriorate by a certain percentage and back-orders for inventories are permitted. This study aims to determine the optimal level of production rate and pricing that maximizes the producer's total expected profit through the application of uncertain random optimal control theory, which is based on uncertain theory and probability theory. Numerical examples are used to compare joint pricing dynamic production model with dynamic production model under an optimal static price, highlighting the benefits of implementing joint pricing dynamic production model. Furthermore, it is evident that an increase in deterioration rate results in decreased on-hand inventory, yet higher production rate and price. It should also be noted that different levels of probability expectation of demand can have an impact on production inventory problem. [ABSTRACT FROM AUTHOR]
Copyright of Mathematics & Computers in Simulation is the property of Elsevier B.V. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
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  Data: Uncertain random optimal control model for deteriorating inventory with the finite horizon.
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  Data: <searchLink fieldCode="AR" term="%22Wang%2C+Yan%22">Wang, Yan</searchLink><relatesTo>1</relatesTo> (AUTHOR)<i> wyan@njfu.edu.cn</i><br /><searchLink fieldCode="AR" term="%22Peng%2C+Hongjun%22">Peng, Hongjun</searchLink><relatesTo>1</relatesTo> (AUTHOR)<i> penghj@njfu.edu.cn</i><br /><searchLink fieldCode="AR" term="%22Chen%2C+Xin%22">Chen, Xin</searchLink><relatesTo>1</relatesTo> (AUTHOR)<i> xchen@njfu.edu.cn</i>
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  Data: <searchLink fieldCode="JN" term="%22Mathematics+%26+Computers+in+Simulation%22">Mathematics & Computers in Simulation</searchLink>. Nov2024, Vol. 225, p695-715. 21p.
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  Data: <searchLink fieldCode="DE" term="%22Optimal+control+theory%22">Optimal control theory</searchLink><br /><searchLink fieldCode="DE" term="%22Inventories%22">Inventories</searchLink><br /><searchLink fieldCode="DE" term="%22Time-based+pricing%22">Time-based pricing</searchLink><br /><searchLink fieldCode="DE" term="%22Probability+theory%22">Probability theory</searchLink><br /><searchLink fieldCode="DE" term="%22Random+sets%22">Random sets</searchLink><br /><searchLink fieldCode="DE" term="%22Matrix+inequalities%22">Matrix inequalities</searchLink>
– Name: Abstract
  Label: Abstract
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  Data: This paper examines a deteriorating inventory model with combined pricing and production during a limited selling time in an uncertain random setting. Demand is influenced by market size and price, which are portrayed in terms of random variables. The uncertainty factors affecting the inventory are represented by multiple Liu processes. Inventories deteriorate by a certain percentage and back-orders for inventories are permitted. This study aims to determine the optimal level of production rate and pricing that maximizes the producer's total expected profit through the application of uncertain random optimal control theory, which is based on uncertain theory and probability theory. Numerical examples are used to compare joint pricing dynamic production model with dynamic production model under an optimal static price, highlighting the benefits of implementing joint pricing dynamic production model. Furthermore, it is evident that an increase in deterioration rate results in decreased on-hand inventory, yet higher production rate and price. It should also be noted that different levels of probability expectation of demand can have an impact on production inventory problem. [ABSTRACT FROM AUTHOR]
– Name: AbstractSuppliedCopyright
  Label:
  Group: Ab
  Data: <i>Copyright of Mathematics & Computers in Simulation is the property of Elsevier B.V. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.)
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RecordInfo BibRecord:
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      – Type: doi
        Value: 10.1016/j.matcom.2024.06.006
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      – Code: eng
        Text: English
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      Pagination:
        PageCount: 21
        StartPage: 695
    Subjects:
      – SubjectFull: Optimal control theory
        Type: general
      – SubjectFull: Inventories
        Type: general
      – SubjectFull: Time-based pricing
        Type: general
      – SubjectFull: Probability theory
        Type: general
      – SubjectFull: Random sets
        Type: general
      – SubjectFull: Matrix inequalities
        Type: general
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      – TitleFull: Uncertain random optimal control model for deteriorating inventory with the finite horizon.
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            NameFull: Wang, Yan
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            NameFull: Peng, Hongjun
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            NameFull: Chen, Xin
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            – D: 01
              M: 11
              Text: Nov2024
              Type: published
              Y: 2024
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              Value: 225
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