Inventory control under substitutable demand: A stochastic game application

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dc.citation.epage375en_US
dc.citation.issueNumber4en_US
dc.citation.spage359en_US
dc.citation.volumeNumber49en_US
dc.contributor.authorAvsşr, Z. M.en_US
dc.contributor.authorBaykal-Gürsoy, M.en_US
dc.date.accessioned2016-02-08T10:33:01Z
dc.date.available2016-02-08T10:33:01Z
dc.date.issued2002en_US
dc.departmentDepartment of Industrial Engineeringen_US
dc.description.abstractSubstitutable product inventory problem is analyzed using the concepts of stochastic game theory. It is assumed that there are two substitutable products that are sold by different retailers and the demand for each product is random. Game theoretic nature of this problem is the result of substitution between products. Since retailers compete for the substitutable demand, ordering decision of each retailer depends on the ordering decision of the other retailer. Under the discounted payoff criterion, this problem is formulated as a two‐person nonzero‐sum stochastic game. In the case of linear ordering cost, it is shown that there exists a Nash equilibrium characterized by a pair of stationary base stock strategies for the infinite horizon problem. This is the unique Nash equilibrium within the class of stationary base stock strategies.en_US
dc.identifier.doi10.1002/nav.10018en_US
dc.identifier.eissn1520-6750
dc.identifier.issn0894-069X
dc.identifier.urihttp://hdl.handle.net/11693/24692
dc.language.isoEnglishen_US
dc.publisherJohn Wiley & Sonsen_US
dc.relation.isversionofhttp://dx.doi.org/10.1002/nav.10018en_US
dc.source.titleNaval Research Logisticsen_US
dc.subjectInventory controlen_US
dc.subjectStochastic gamesen_US
dc.subjectSubstitutable demanden_US
dc.subjectDecision theoryen_US
dc.subjectGame theoryen_US
dc.subjectNumerical methodsen_US
dc.subjectProblem solvingen_US
dc.subjectRandom processesen_US
dc.subjectNash equilibriumen_US
dc.subjectSubstitutable demanden_US
dc.subjectInventory controlen_US
dc.titleInventory control under substitutable demand: A stochastic game applicationen_US
dc.typeArticleen_US
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