Abstract
We consider a multi-period inventory model with raw material procurements carried out via a reverse auction. Bids are multi-dimensional, and they consist of supplier information of price, shortage quantity and lead time. This work is an extension of our earlier work that has focused on multi-dimensional procurement auctions in single-period inventory models, to multi-period settings. The new model is based on a hybrid approach combining stochastic dynamic programming and simulation.
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Farahvash, P., Altiok, T. A multi-period inventory model with multi-dimensional procurement bidding. Ann Oper Res 186, 101–118 (2011). https://doi.org/10.1007/s10479-011-0893-4
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DOI: https://doi.org/10.1007/s10479-011-0893-4