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Exploring the oscillatory dynamics of a forbidden returns inventory system

Wang, Xun, Disney, Stephen Michael and Wang, Jing 2014. Exploring the oscillatory dynamics of a forbidden returns inventory system. International Journal of Production Economics 147 (A) , pp. 3-12. 10.1016/j.ijpe.2012.08.013

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Abstract

We present an analytical investigation of the intrinsic oscillations in a nonlinear inventory system where excessive inventory cannot be returned to the supplier. Mathematically this is captured by a non-negative constraint on the replenishment order. By studying the eigenvalues of the characteristic matrices of the system, the criteria for different types of dynamic behaviour (including convergence, periodicity, quasi-periodicity, chaos, and divergence) are derived. The upper and lower bounds of the order and inventory oscillations are found via a time-domain analysis. Our results are verified by bifurcation diagrams. We find that the closer the replenishment rule feedback parameters are to the convergence area, the milder the intrinsic oscillation of the system.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Centre for Advanced Manufacturing Systems At Cardiff (CAMSAC)
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
H Social Sciences > HF Commerce
Uncontrolled Keywords: Nonlinear inventory system; Forbidden returns; Oscillation; Bifurcation; Stability
Additional Information: Pdf uploaded in accordance with publisher's policy at http://www.sherpa.ac.uk/romeo/issn/0925-5273/ (accessed 01/07/2014)
Publisher: Elsevier
ISSN: 0925-5273
Date of First Compliant Deposit: 30 March 2016
Date of Acceptance: 16 August 2012
Last Modified: 29 Jun 2019 15:52
URI: http://orca.cf.ac.uk/id/eprint/53813

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