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A Two-Location Inventory Model with Transshipment and Local Decision Making

In situations where a seller has surplus stock and another seller is stocked out, it may be desirable to transfer surplus stock from the former to the latter. We examine how the possibility of such transshipments between two independent locations affects the optimal inventory orders at each location... Full description

Journal Title: Management Science 2001-12-01, Vol.47 (12), p.1668-1680
Main Author: Rudi, Nils
Other Authors: Kapur, Sandeep , Pyke, David F
Format: Electronic Article Electronic Article
Language: English
Subjects:
Quelle: Alma/SFX Local Collection
Publisher: Linthicum: INFORMS
ID: ISSN: 0025-1909
Link: http://econpapers.repec.org/article/inmormnsc/v_3a47_3ay_3a2001_3ai_3a12_3ap_3a1668-1680.htm
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recordid: cdi_proquest_journals_213229135
title: A Two-Location Inventory Model with Transshipment and Local Decision Making
format: Article
creator:
  • Rudi, Nils
  • Kapur, Sandeep
  • Pyke, David F
subjects:
  • Business orders
  • Business studies
  • Channel coordination
  • Decision making
  • Distribution of profits
  • Economic models
  • Equilibrium
  • Game theory
  • Inventories
  • Inventory control
  • Inventory management
  • Management
  • Management science
  • Mathematical methods
  • Mathematical models
  • Methods
  • Nash Equilibrium
  • Newsvendor Model
  • Nonprofit hospitals
  • Order quantity
  • Profit
  • Profitability
  • Shipments
  • Studies
  • Transshipment
  • Transshipments
  • Unit costs
ispartof: Management Science, 2001-12-01, Vol.47 (12), p.1668-1680
description: In situations where a seller has surplus stock and another seller is stocked out, it may be desirable to transfer surplus stock from the former to the latter. We examine how the possibility of such transshipments between two independent locations affects the optimal inventory orders at each location. If each location aims to maximize its own profits—we call this local decision making—their inventory choices will not, in general, maximize joint profits. We find transshipment prices which induce the locations to choose inventory levels consistent with joint-profit maximization.
language: eng
source: Alma/SFX Local Collection
identifier: ISSN: 0025-1909
fulltext: fulltext
issn:
  • 0025-1909
  • 1526-5501
url: Link


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descriptionIn situations where a seller has surplus stock and another seller is stocked out, it may be desirable to transfer surplus stock from the former to the latter. We examine how the possibility of such transshipments between two independent locations affects the optimal inventory orders at each location. If each location aims to maximize its own profits—we call this local decision making—their inventory choices will not, in general, maximize joint profits. We find transshipment prices which induce the locations to choose inventory levels consistent with joint-profit maximization.
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subjectBusiness orders ; Business studies ; Channel coordination ; Decision making ; Distribution of profits ; Economic models ; Equilibrium ; Game theory ; Inventories ; Inventory control ; Inventory management ; Management ; Management science ; Mathematical methods ; Mathematical models ; Methods ; Nash Equilibrium ; Newsvendor Model ; Nonprofit hospitals ; Order quantity ; Profit ; Profitability ; Shipments ; Studies ; Transshipment ; Transshipments ; Unit costs
ispartofManagement Science, 2001-12-01, Vol.47 (12), p.1668-1680
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abstractIn situations where a seller has surplus stock and another seller is stocked out, it may be desirable to transfer surplus stock from the former to the latter. We examine how the possibility of such transshipments between two independent locations affects the optimal inventory orders at each location. If each location aims to maximize its own profits—we call this local decision making—their inventory choices will not, in general, maximize joint profits. We find transshipment prices which induce the locations to choose inventory levels consistent with joint-profit maximization.
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