讲座主题：Optimal Policies for Selling New and Remanufactured Products

　　主讲人：言小明

　　讲座地点：B249

　　讲座时间：2019年 3月15日下午15点00 分

　　主办单位：武汉大学经济与管理学院管理科学与工程系

　　讲座摘要：Because of environmental and economic reasons, an increasing number of original equipment manufacturers (OEMs) nowadays sell both new and remanufactured products. When both products are available, customers will buy the one that gives them a higher (and non-negative) utility. Thus, if the firm does not price the products properly, then product cannibalization may arise and its revenue may be adversely impacted. In this paper, we study the pricing problem of a firm that sells both new and remanufactured products over a finite planning horizon. Customer demand processes for both new and remanufactured products are random and price-sensitive, and product returns (also called cores) are random and remanufactured upon receipt. We characterize the optimal pricing and manufacturing policies that maximize the expected total discounted profit. If new products are made-to-order (MTO), we show that when the inventory level of remanufactured product increases, the optimal price of remanufactured product decreases while the price difference between new and remanufactured products increases; however, the optimal selling price of new product may increase or decrease. If new products are made to stock (MTS), then the optimal manufacturing policy is of a base-stock policy with the base-stock level decreasing in the remanufactured product inventory level. To understand the potential benefit in implementing an MTO system, we study the difference between the value functions of the MTO and MTS systems, and develop lower and upper bounds for it. Finally, we study several extensions of the base model and show that most of our results extend to those more general settings.

　　个人简介：

　　言小明，中国科学技术大学管理学院副教授，博士毕业于中国科学院数学与系统科学研究院。一直致力于供应链运营与库存管理领域的研究，以第一或通讯作者身份在Operations Research，Production and Operations Management, Naval Research Logistics, European Journal of Operational Research等国际知名期刊发表论文十余篇。主持国家自然科学基金青年项目和面上项目各一项，其中青年项目已结题，后评估为“特优”。研究成果获华人学者管理科学与工程协会(CSAMSE)第八次国际年会最佳论文奖。