A fuzzy economic order quantity model on manufacturer-retailer considering delay in payments: a non-cooperative game theoretical approach Online publication date: Fri, 08-Dec-2023
by Dipanjali Ghosh; Pinki Majumder; Uttam Kumar Bera
European J. of Industrial Engineering (EJIE), Vol. 18, No. 1, 2024
Abstract: This study briefly explains the economic order quantity (EOQ) model under the fuzzy environment where a two-player non-zero-sum non-cooperative game is considered between manufacturer and retailer. Policies like trade credit are implemented and can be thought of as one type of 0% financing. Players chose to support the optimality conditions of Nash equilibrium. The main findings of the work are that under fuzzy environment, a mathematical model over profit summarisation concept has been constructed to minimise the cost of both players with the help of game theoretical approach. Different approaches have also been performed for comparative study to find out the befitting solution to the problem. The results indicate some important parameters in the present model which highly influence the optimal solution. Nonlinear optimisation technique-generalised reduced gradient (LINGO-13.0) is used to solve the problem and epitomised with some numerical data. [Received: 11 May 2022; Accepted: 9 November 2022]
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