Optimal Deteriorating Inventory Control and Price Theory

The book "Optimal Deteriorating Inventory Control and Price Theory" by Yang Tan offers a comprehensive analysis and innovative approaches to managing inventories that lose value over time. Traditional inventory models often assume that stored products retain their utility indefinitely. However, this assumption is contradicted by reality, as many products, such as food, pharmaceuticals, and electronic components, undergo significant deterioration during storage. The book addresses the need to develop effective strategies for inventory control and pricing of perishable goods. It provides models that consider various real-world conditions, including time-dependent deterioration rates and differing customer demands. This thorough examination is particularly valuable for researchers and practitioners in the fields of production and inventory control, logistics, and supply chain management.