Scopus İndeksli Yayınlar Koleksiyonu
Permanent URI for this collectionhttps://hdl.handle.net/20.500.12573/395
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Article Citation - WoS: 3Citation - Scopus: 3Disutility Entropy in Multi-Attribute Utility Analysis(Pergamon-Elsevier Science Ltd, 2022-07) Sutcu, MuhammedIn this paper, we present an alternative formulation of utility entropy called disutility entropy. Previous entropy measurements in the literature use utility density function in maximum entropy formulations. Also, in most of the cases, the sign of the cross derivative of utility functions makes it impossible to apply utility entropy for more than one attribute cases. To simplify entropy measurement and relieve some burden of this task, in this paper, we present how to use multiattribute utility functions in utility entropy formulation. We show the applicability of our proposed approach and how to apply the disutility entropy approach with given constraints to singleattribute, bi-attribute, and multiattribute utility functions. Therefore, the usefulness and feasibility of the proposed method in multiattribute utility theory field is improved. We finally discuss and interpret the application of maximum disutility entropy through several examples to illustrate the new proposed approach.Article Citation - WoS: 4Citation - Scopus: 6A Variant SDDP Approach for Periodic-Review Approximately Optimal Pricing of a Slow-Moving a Item in a Duopoly Under Price Protection With End-Of Return and Retail Fixed Markdown Policy(Pergamon-Elsevier Science Ltd, 2023-02) Yildiz, Baris; Sutcu, MuhammedIn this paper, we examine a selling environment where a manufacturer-controlled retailer and an independent retailer sell a slow-moving A item. The manufacturer offers the independent retailer a price protection contract stipulating that the manufacturer reimburses the independent retailer in case of a reduction in the wholesale price. The price set by the independent retailer is assumed to be determined by Retail Fixed Markdown (RFM) policy. The manufacturer also offers the independent retailer a special discount rate for the replenishment orders and the retailers are assumed to follow (R, S) inventory replenishment policy. The manufacturer adopts a periodic-review pricing strategy and the mean demand observed by each retailer in a given period depends on the prices. We also take the customers choosing no-purchase option into account. We employ multinomial logit (MNL) models to forecast customers' preferences based on retail prices. The retailers' market shares are esti-mated by customized choice probability functions. We propose stochastic programming models to determine the manufacturer's pricing strategy. Then, we propose a variant Stochastic Dual Dynamic Programming (SDDP) algorithm to determine the manufacturer's approximately optimal pricing strategy by getting around three curses of dimensionality. Then, we move on to the observations on the impact of four critically important contractual parameters on the price, the market shares and the expected total net profits and finally discuss some possible approaches for the selection of the best compromise values of those contractual parameters.