Decision-making optimization of risk-seeking retailer managed inventory model in a water supply chain
type: Item
instance of: scholarly article
title: Decision-making optimization of risk-seeking retailer managed inventory model in a water supply chain
zbMATH Open document ID: 1465.90013
DOI: 10.1155/2021/9943753
author: Wenfang Yu
author: Guisheng Hou
author: Baogui Xin
published in: Discrete Dynamics in Nature and Society
publication date: 2021-07-02T00:00:00Z
review text: Summary: Water retailer managed inventory is a classical and inevitable inventory management mode in present economic society. Stochastic models can more clearly explain demand uncertainty and are closely related to water supply chains. Risk preferences are widely valued in behavioral operation management. Related to the risk preferences in inventory management, the research on risk aversion is dominant, while risk-seeking is insufficient. Based on the model assumptions, the risk-seeking retailer's optimal decision-making inventory model with stochastic demand in a water supply chain is studied. The risk-seeking retailer's optimal inventory quantity, optimal inventory cost, supplier profit, retailer profit, and the profit of the entire water supply chain are derived. The validity of the equations is proved. The sensitivity analysis of the risk-seeking retailer's optimal inventory decision-making is carried out. The risk level effects on the five dimensions, the retail price, wholesale price, unit shortage cost, unit inventory cost, and unit residual value, are displayed through numerical simulation. The optimal inventory quantity and optimal inventory cost of the risk-seeking retailer are obtained.
Mathematics Subject Classification ID: 90B06
Mathematics Subject Classification ID: 90B05
zbMATH DE Number: 7367251
MaRDI profile type: Publication
full work available at URL: https://doi.org/10.1155/2021/9943753
OpenAlex ID: W3158161200
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description: scientific article; zbMATH DE number 7367251