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Optimal Lot-sizing and Pricing with Markdown for a Newsvendor Problem
Chen, Jen-Ming,Chen, Yi-Shen,Chien, Mei-Chen Korean Institute of Industrial Engineers 2008 Industrial Engineeering & Management Systems Vol.7 No.3
This paper deals with the joint decisions on pricing and ordering for a monopolistic retailer who sells perishable goods with a fixed lifetime or demand period. The newsvendor-typed problem is formulated as a two-period inventory system where the first period represents the inventory of fresh or new-arrival items and the second period represents the inventory of items that are older but still usable. Demand may be for either fresh items or for somewhat older items that exhibit physical decay or deterioration. The retailer is allowed to adjust the selling price of the deteriorated items in the second period, which stimulates demand and reduces excess season-end or stale inventory. This paper develops a stochastic dynamic programming model that solves the problem of preseason decisions on ordering-pricing and a within-season decision on markdown pricing. We also develop a fixed-price model as a benchmark against the dual-price dynamic model. To illustrate the effect of the dual-price policy on expected profit, we conduct a comparative study between the two models. Extension to a generalized multi-period model is also discussed.
Optimal Lot-sizing and Pricing with Markdown for a Newsvendor Problem
Jen-Ming Chen,Yi-Shen Chen,Mei-Chen Chien 대한산업공학회 2008 Industrial Engineeering & Management Systems Vol.7 No.3
This paper deals with the joint decisions on pricing and ordering for a monopolistic retailer who sells perishable goods with a fixed lifetime or demand period. The newsvendor-typed problem is formulated as a twoperiod inventory system where the first period represents the inventory of fresh or new-arrival items and the second period represents the inventory of items that are older but still usable. Demand may be for either fresh items or for somewhat older items that exhibit physical decay or deterioration. The retailer is allowed to adjust the selling price of the deteriorated items in the second period, which stimulates demand and reduces excess season-end or stale inventory. This paper develops a stochastic dynamic programming model that solves the problem of preseason decisions on ordering-pricing and a within-season decision on markdown pricing. We also develop a fixed-price model as a benchmark against the dual-price dynamic model. To illustrate the effect of the dual-price policy on expected profit, we conduct a comparative study between the two models. Extension to a generalized multi-period model is also discussed.
On eBay's Fee Structure from a Channel Coordination Perspective
Chen, Jen-Ming,Cheng, Hung-Liang,Chien, Mei-Chen Korean Institute of Industrial Engineers 2010 Industrial Engineeering & Management Systems Vol.9 No.2
Can eBay.com's fee structure coordinate the channel? It's a critical strategic problem in e-commerce operations and an interesting research hypothesis as well. eBay's fees include three parts: monthly subscription fee, insertion fee, and final value fee (i.e., a revenue sharing portion), which represent a generic form of revenue sharing fee structure between the retailer and the vendor in a supply chain. This research deals with such a channel consisting of a price-setting vendor who sells products through eBay's marketplace exclusively to the end customers. The up- and down-stream channel relationship is consignment-based revenue sharing. We use a game-theoretic approach with assumption of the retailer (i.e., eBay.com) being a Stackelberg-leader and the vendor being a follower. The Stackelberg-leader decides on the terms of revenue sharing contract (i.e., fee structure), and the follower (vendor) decides on how many units to sell and the items' selling price. This study formulates several profit-maximization models by considering the effects of the retail price on the demand function. Under such settings, we show that eBay's fee structure can improve the channel efficiency; yet it cannot coordinate the channel optimally.
On eBay's Fee Structure from a Channel Coordination Perspective
Jen-Ming Chen,Hung-Liang Cheng,Mei-Chen Chien 대한산업공학회 2010 Industrial Engineeering & Management Systems Vol.9 No.2
Can eBay.com"s fee structure coordinate the channel? It"s a critical strategic problem in e-commerce operations and an interesting research hypothesis as well. eBay"s fees include three parts: monthly subscription fee, insertion fee, and final value fee (i.e., a revenue sharing portion), which represent a generic form of revenue sharing fee structure between the retailer and the vendor in a supply chain. This research deals with such a channel consisting of a price-setting vendor who sells products through eBay"s marketplace exclusively to the end customers. The up- and down-stream channel relationship is consignment-based revenue sharing. We use a game-theoretic approach with assumption of the retailer (i.e., eBay.com) being a Stackelberg-leader and the vendor being a follower. The Stackelberg-leader decides on the terms of revenue sharing contract (i.e., fee structure), and the follower (vendor) decides on how many units to sell and the items" selling price. This study formulates several profit-maximization models by considering the effects of the retail price on the demand function. Under such settings, we show that eBay"s fee structure can improve the channel efficiency; yet it cannot coordinate the channel optimally.
Po-Chun Wang,Gwo-Long Li,Shu-Fen Huang,Mei-Juan Chen,Shih-Chien Lin 한국전자통신연구원 2010 ETRI Journal Vol.32 No.4
The layered coding structure of scalable video coding (SVC) with adaptive inter-layer prediction causes noticeable computational complexity increments when compared to existing video coding standards. To lighten the computational complexity of SVC, we present a fast algorithm to speed up the inter-mode decision process. The proposed algorithm terminates inter-mode decision early in the enhancement layers by estimating the rate-distortion (RD) cost from the macroblocks of the base layer and the enhancement layer in temporal, spatial, and inter-layer directions. Moreover, a search range decision algorithm is also proposed in this paper to further increase the motion estimation speed by using the motion vector information from temporal, spatial, or inter-layer domains. Simulation results show that the proposed algorithm can determine the best mode and provide more efficient total coding time saving with very slight RD performance degradation for spatial and quality scalabilities.