Complexity dynamic character analysis of retailers based on the share of stochastic demand and service
type: Item
instance of: scholarly article
title: Complexity dynamic character analysis of retailers based on the share of stochastic demand and service
zbMATH Open document ID: 1377.93148
DOI: 10.1155/2017/1382689
author: Junhai Ma
author: Weiya Di
author: Hao Ren
published in: Complexity
publication date: 2018-01-05T00:00:00Z
review text: Summary: Apart from the price fluctuation, the retailers' service level becomes another key factor that affects the market demand. This paper depicts a modified price and demand game model based on the stochastic demand and the retailer's service level which influences the market demand decided by customers' preference, while the market demand is stochastic in this model. We explore how the price adjustment speed affects the stability of the supply chain system with respect to service level and stochastic demand. The dynamic behavior of the system is researched by simulation and the stability domain and the bifurcation phenomenon are shown clearly. The largest Lyapunov exponent and the chaotic attractor are also given to confirm the chaotic characteristic of the system. The simulation results indicate that relatively small price adjustment speed may maintain the system at stable state. With the price adjustment speed gradually increasing, the price system gets unstable and finally becomes chaotic. This chaotic phenomenon will perturb the product market and this phenomenon should be controlled to keep the system stay in the stable region. So the chaos control is done and the chaos can be controlled completely. The conclusion makes significant contribution to the system referring to the price fluctuation based on the service level and stochastic demand.
Mathematics Subject Classification ID: 93E03
Mathematics Subject Classification ID: 91B60
Mathematics Subject Classification ID: 91A15
Mathematics Subject Classification ID: 91B24
zbMATH DE Number: 6822300
zbMATH Keywords: analysis of retailers
zbMATH Keywords: stochastic demand and service
MaRDI profile type: Publication
full work available at URL: https://doi.org/10.1155/2017/1382689
OpenAlex ID: W2758736145
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description: scientific article; zbMATH DE number 6822300