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A Deterministic Inventory/Production Model with General Inventory Cost Rate Function and Concave Production Costs

Author

Listed:
  • Birbil, S.I.
  • Frenk, J.B.G.
  • Bayindir, Z.P.

Abstract

We present a thorough analysis of the economic order quantity model with shortages under a general inventory cost rate function and concave production costs. By using some standard results from convex analysis, we show that the model exhibits a composite concave-convex structure. Consequently, an effective solution procedure, particularly useful for an approximation scheme, is proposed. A computational study is appended to illustrate the performance of the proposed solution procedure.

Suggested Citation

  • Birbil, S.I. & Frenk, J.B.G. & Bayindir, Z.P., 2004. "A Deterministic Inventory/Production Model with General Inventory Cost Rate Function and Concave Production Costs," ERIM Report Series Research in Management ERS-2004-064-LIS, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    • Handle: RePEc:ems:eureri:1536
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    References listed on IDEAS

    as
    1. Frenk, J. B. G. & Kleijn, M. J. & Dekker, R., 1999. "An efficient algorithm for a generalized joint replenishment problem," European Journal of Operational Research, Elsevier, vol. 118(2), pages 413-428, October.
    2. Bayindir, Z.P. & Birbil, S.I. & Frenk, J.B.G., 2004. "A Multi-Item Inventory Model With Joint Setup And Concave Production Costs," Econometric Institute Research Papers ERS-2004-044-LIS, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    3. Bayindir, Z.P. & Birbil, S.I. & Frenk, J.B.G., 2004. "A Multi-Item Inventory Model With Joint Setup And Concave Production Costs," ERIM Report Series Research in Management ERS-2004-044-LIS, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
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    Citations

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    Cited by:

    1. Bayindir, Z.P. & Birbil, S.I. & Frenk, J.B.G., 2007. "A deterministic inventory/production model with general inventory cost rate function and piecewise linear concave production costs," European Journal of Operational Research, Elsevier, vol. 179(1), pages 114-123, May.

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    2. Bayindir, Z.P. & Birbil, S.I. & Frenk, J.B.G., 2007. "A deterministic inventory/production model with general inventory cost rate function and piecewise linear concave production costs," European Journal of Operational Research, Elsevier, vol. 179(1), pages 114-123, May.
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    More about this item

    Keywords

    Inventory; concave production cost; concave-convex programming; general inventory cost function;
    All these keywords.

    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • M - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics
    • M11 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Production Management
    • R4 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics

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