An Optimal Policy for Joint Dynamic Price and Lead-Time Quotation

• 成果类型: Article
• 署名作者: Feng, Jiejian; Liu, Liming; Liu, Xiaoming
• 署名单位: Saint Marys University - Canada; Lingnan University; University of Macau
• 刊物名称: OPERATIONS RESEARCH
• ISSN/ISSBN: 0030-364X
• DOI: 10.1287/opre.1110.0969
• 发表日期: 2011
• 页码: 1523-1527
• 关键词: tardiness costs; decisions; leadtimes; systems; rules

摘要

For a dynamic joint price and lead-time quotation problem with a fairly general demand function, we show that the policy consisting of a threshold and a reward-maximizing lead-time is optimal. This policy offers some interesting managerial insights. Under this policy, finding the exact optimal quotation can be accomplished by single-variable policy iterations of unimodal value functions.