期刊
OPERATIONS RESEARCH
卷 64, 期 1, 页码 118-134出版社
INFORMS
DOI: 10.1287/opre.2015.1439
关键词
revenue management; inventory; markdown; intertemporal substitution
资金
- Hong Kong General Research Fund [11505114, 647312, 16504014]
- National Science Foundation of China [71201066, 71131004]
In this paper we formulate and analyze a novel model on a firm's dynamic inventory and markdown decisions for perishable goods. We consider a dynamic stochastic setting, where every period consists of two phases, clearance phase and regular-sales phase. In the clearance phase, the firm decides how much to order for regular sales, as well as whether to markdown some (or all) of the leftover inventory from the previous period that will be disposed otherwise. Since strategic consumers may buy the product during clearance sales for future consumption, markdown may cannibalize future sales at regular price. Hence, the firm needs to make a trade-off between product spoilage and intertemporal demand substitution. We show that the firm should either put all of the leftover inventory on discount or dispose all of it, and the choice depends on the amount of leftover inventory from the previous period. In particular, the firm should introduce markdown when the amount of leftover inventory is higher than a certain threshold, and dispose all otherwise. We also conduct numerical studies to further characterize the optimal policy, and to evaluate the loss of efficiency under static policies when compared to the optimal dynamic policy.
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