International Journal of Inventory Research (Int J Inventory Res )


The IJIR publishes contemporary, cutting-edge research on all aspects of inventory theory to foster discussion among researchers, practitioners, and educators on the management and control of inventories.

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    International Journal of Inventory Research (IJIR) website
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    Document, Periodical, Internet resource
  • Document type
    Internet Resource, Computer File, Journal / Magazine / Newspaper

Publications in this journal

  • [Show abstract] [Hide abstract]
    ABSTRACT: A game theoretic approach is used to analyse an inventory problem with two products, stochastic demand, and uncertain supply. The supply chain analysed includes two competing retailers selling two substitutable products and those retailer' suppliers. Retailers face stochastic demand and replenish the inventory from the suppliers. However, both suppliers provide an indeterminate fraction of the quantity requested, due to randomness in capacity and quality. Some customers with unmet demand will substitute that product with one sold by the other retailer. We assume that the retailers are rational players with conflicting objectives. We model the retailers' single period expected payoffs and identify the ordering decisions using Nash strategy. We prove the existence and uniqueness of the Nash solution, and provide results for numerical examples. We analyse the combined impact of product substitution and supply uncertainty on the retailers. Results suggest that supply uncertainties do not always hurt retailers' expected payoffs.
    International Journal of Inventory Research 01/2013; 2(1/2):27 - 43.
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    ABSTRACT: We consider the equilibrium strategies for substitutable product inventory control systems with a random demand in a two-period stationary environment between two retailers. This stationary scenario can be viewed as a dynamic game in a duopoly setting. We formulate the single period game and extend it to the two-period dynamic game. We investigate the existence and uniqueness of the feedback Nash equilibrium with two periods to go. We also suggest a threshold inventory level with two periods to go below which the usual substitution effect on the equilibrium may not be observed. We prove the uniqueness of the equilibrium by imposing more structure on the density function of the demand.
    International Journal of Inventory Research 01/2013; 2(1/2):108 - 126.
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    ABSTRACT: Economic production quantities address an important problem in operations management. The objective is to determine the quantity that minimises total cost required to manufacture goods and hold inventories when production is performed incrementally during the manufacturing process. The dynamic impact of costs and demand is often neglected though parameters may vary over time. In this context, optimal control theory goes beyond the suggestion of a numerical approach and allows for an analytical interpretation of optimal solutions. This paper presents a deterministic continuous time approach minimising the net present value of production and inventory holding cost with dynamic parameters. Manufacturing cost per item, holding cost, and demand rate vary over time. Applying Pontryagin's maximum principle, the optimal policy involves intervals of production at the capacity limit with inventory build up, destocking periods, and periods of just-in-time production. A solution algorithm is presented to find the optimal manufacturing quantities and an economic interpretation of an optimal solution is provided.
    International Journal of Inventory Research 01/2011; 1(3/4):248 - 261.
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    ABSTRACT: Marketing literature has long recognised price elasticity can increase the short term mean demand by as much as 400%. In this paper, we capture this behaviour of demand using a bi-level demand function and address the related inventory management problem. The seemingly simple problem turns out to be difficult to solve optimally. We present optimal and heuristic approaches. We also reformulate this problem by making price and duration as decision variables under profit maximisation environment and present calculus-based solutions.
    International Journal of Inventory Research 01/2011; 1(3/4):288 - 321.
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    ABSTRACT: We consider a replenishment control system in which product returns play an important role in inventory planning. We focus on the inventory of an individual item that is stored at a single location to meet a constant demand over time. We assume that the total amount of returns accumulated over a period of time can be represented by a compound Poisson process. We further assume that opportunities for inventory disposals or relocation arise occasionally in accordance with a Poisson process. We not only seek to resolve the issues of when to order and how much to order, we also consider the question of when to dispose of excess inventory and by how much. Inventory reductions occur when the opportunity for a disposal arises and the inventory position is deemed too high. After each disposal the inventory position is restored to a specified base-stock level. We develop a cost model of this system and highlight its properties through an extensive numerical study.
    International Journal of Inventory Research 01/2011; 1(3/4):221 - 247.