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SINGLE-PERIOD TWO-PRODUCT INVENTORY MODEL WITH SUBSTITUTION:SOLUTION AND PROPERTIES |
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| Authors: | Lianqiao CAI Jian CHEN Houmin YAN |
| Affiliation: | 1. School of International Business, Beijing Foreign Studies University Beijing, 100089, China 2. School of Economics and Management, Tsinghua University Beijing, 100084, China 3. Department of System Engineering and Engineering Management Chinese University of Hong Kong, Hong Kong, China |
| Abstract: | In this paper, we study a single-period two-product inventory model with stochastic demands and downward substitution. The optimal order quantities are presented and some properties are provided. Comparing with newsboy model, we prove that both the profit and the fill rate can be improved by using the substitution policy. |
| Keywords: | Inventory model optimal order quantity substitution newsboy model |
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