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    The value of dynamic pricing for cores in remanufacturing with backorders

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    Authors
    Xiong, Yu
    Li, Gendao
    Affiliation
    Chongqing Technology and Business University
    University of East Anglia
    Jilin University
    Issue Date
    2012-10-10
    Subjects
    dynamic pricing
    remanufacturing
    backorders
    
    Metadata
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    Abstract
    In remanufacturing, the supply of used products and the demand for remanufactured products are usually mismatched because of the great uncertainties on both sides. In this paper, we propose a dynamic pricing (DP) policy to balance this uncertain supply and demand. Specifically, we study a remanufacturer’s problem of pricing a single class of cores with random price-dependent returns and random demand for the remanufactured products with backlogs. We model this pricing task as a continuous-time Markov decision process, which addresses both the finite and infinite horizon problems, and provide managerial insights by analysing the structural properties of the optimal policy. We then use several computational examples to illustrate the impacts of particular system parameters on pricing policy and the benefit of DP. In addition, the models are extended to account for the price adjustment costs. We show through numerical example that the nice structural properties do not exist any longer, and find when DP is better than static pricing.
    Citation
    Xiong, Y., Li, G. (2012) 'The value of dynamic pricing for cores in remanufacturing with backorders' Journal of the Operational Research Society 64 (9):1314
    Publisher
    Palgrave MacMillan
    Journal
    Journal of the Operational Research Society
    URI
    http://hdl.handle.net/10547/594466
    DOI
    10.1057/jors.2012.124
    Additional Links
    http://www.palgrave-journals.com/doifinder/10.1057/jors.2012.124
    Type
    Article
    Language
    en
    ISSN
    0160-5682
    1476-9360
    ae974a485f413a2113503eed53cd6c53
    10.1057/jors.2012.124
    Scopus Count
    Collections
    Business and Information Systems Research Centre (BISC)

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