A game Theoretic Approach to Pricing, Advertising and Collection Decisions adjustment in a closed-loop supply chain
Author(s):
Abstract:
This paper considers advertising, collection and pricing decisions simultaneously for a closed-loop supplychain(CLSC) with one manufacturer(he) and two retailers(she). A multiplicatively separable new demand function is proposed which influenced by pricing and advertising. In this paper, three well-known scenarios in the game theory including the Nash, Stackelberg and Cooperative games are exploited to study the effects of pricing, advertising and collection decisions on the CLSC. Using these scenarios, we identify optimal decisions in each case for the manufacture and retailers. Extending the Manufacturer-Stackelbergscenario, we introduce the manufacturers risk-averse behavior in a leaderfollower type move under asymmetric information, focusing specifically on how the risk-averse behavior of the manufacturer influences all of the optimal decisions and construct manufacturer-Stackelberg games in which each retailer has more information regarding the market size than the manufacturer and another retailer. Under the meanvariance decision framework, we develop a closed-loop supply chain model and obtain the optimal equilibrium results. In the situation of the stackelberg game, we find that whether utility of the manufacturer is better off or worse off depends on the manufacturers return rate and the degree of risk aversion under asymmetric and symmetric information structures. Numerical experiments compare the outcomes of decisions and profits among the mentioned games in order to study the application of the models.
Keywords:
Language:
English
Published:
Journal of Industrial and Systems Engineering, Volume:10 Issue: 2, Spring 2017
Pages:
53 to 74
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