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Dual market facility network fesign under bounded rationality.

Mogale, D. G., Lahoti, Geet, Jha, Sashi Bhushan, Shukla, Manish, Kamath, Narasimha and Kumat Tiwari, Manoj 2018. Dual market facility network fesign under bounded rationality. Algorithms 11 (4) , p. 54. 10.3390/a11040054

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Abstract

A number of markets, geographically separated, with different demand characteristics for different products that share a common component, are analyzed. This common component can either be manufactured locally in each of the markets or transported between the markets to fulfill the demand. However, final assemblies are localized to the respective markets. The decision making challenge is whether to manufacture the common component centrally or locally. To formulate the underlying setting, a newsvendor modeling based approach is considered. The developed model is solved using Frank-Wolfe linearization technique along with Benders’ decomposition method. Further, the propensity of decision makers in each market to make suboptimal decisions leading to bounded rationality is considered. The results obtained for both the cases are compared.

Item Type: Article
Date Type: Published Online
Status: Published
Schools: Business (Including Economics)
Publisher: MDPI
ISSN: 1999-4893
Date of First Compliant Deposit: 11 February 2020
Date of Acceptance: 16 April 2017
Last Modified: 14 Feb 2020 13:43
URI: http://orca.cf.ac.uk/id/eprint/129291

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