Pricing and Inventory Control Strategy for a Periodic-Review Energy Buy-Back System

doi:10.1007/s11424-016-4101-0

CSpace

	Pricing and Inventory Control Strategy for a Periodic-Review Energy Buy-Back System
	Zhang Jihong 1; Chen Hongqiao 2; Ding Xiaosong 1,3; Li Xian 1
	2016-08-01
发表期刊	JOURNAL OF SYSTEMS SCIENCE & COMPLEXITY
ISSN	1009-6124
卷号	29 期号:4 页码:1018-1033
摘要	Along with the rapid development of economics and enhancement of industrialization, the power demand keeps rising and frequently creates mismatch between demand and supply in electricity. This provides miscellaneous energy buy-back programs with great opportunities. Such programs, when activated, offer certain amount of financial compensations to participants for reducing their energy consumption during peak time. They aim at encouraging participants to shift their electricity usage from peak to non-peak time, and thereby release the demand pressure during peak time. This paper considers a periodic-review joint pricing and inventory decision model under an energy buy-back program over finite planning horizons, in which the compensation levels, setup cost and additive random demand function are incorporated. The objective is to maximize a manufacturer's expected total profit. By using Veinott's conditions, it is shown that the manufacturer's optimal decision is a state dependent (s, S, P) policy under a peak market condition, or partly an (s, S, A, P) policy under the normal market condition.
关键词	Additive demand function energy buy-back program joint pricing and inventory control Veinott's conditions
DOI	10.1007/s11424-016-4101-0
语种	英语
资助项目	Young Faculty Research Fund of Beijing Foreign Studies University[2015JT005] ; YETP[YETP0851] ; National Natural Science Foundation of China[71371032] ; Key Project of Beijing Foreign Studies University Research Programs[2011XG003] ; Humanities and Social Science Research Project of Ministry of Education[13YJA630125] ; Fundamental Research Funds for the Central Universities
WOS研究方向	Mathematics
WOS类目	Mathematics, Interdisciplinary Applications
WOS记录号	WOS:000384985600009
出版者	SPRINGER HEIDELBERG
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/23997
专题	中国科学院数学与系统科学研究院
通讯作者	Ding Xiaosong
作者单位	1.Beijing Foreign Studies Univ, Int Business Sch, Beijing 100089, Peoples R China 2.Chinese Acad Sci, Acad Math & Syst Sci, Inst Appl Math, Beijing 100190, Peoples R China 3.Stockholm Univ, DECIDE Res Grp, Dept Comp & Syst Sci, Forum 100, SE-16440 Kista, Sweden
推荐引用方式 GB/T 7714	Zhang Jihong,Chen Hongqiao,Ding Xiaosong,et al. Pricing and Inventory Control Strategy for a Periodic-Review Energy Buy-Back System[J]. JOURNAL OF SYSTEMS SCIENCE & COMPLEXITY,2016,29(4):1018-1033.
APA	Zhang Jihong,Chen Hongqiao,Ding Xiaosong,&Li Xian.(2016).Pricing and Inventory Control Strategy for a Periodic-Review Energy Buy-Back System.JOURNAL OF SYSTEMS SCIENCE & COMPLEXITY,29(4),1018-1033.
MLA	Zhang Jihong,et al."Pricing and Inventory Control Strategy for a Periodic-Review Energy Buy-Back System".JOURNAL OF SYSTEMS SCIENCE & COMPLEXITY 29.4(2016):1018-1033.