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Journal article
Dual Market Facility Network Design under Bounded Rationality
Algorithms, Vol.11(4), p.54
04/01/2018
Web of Science ID: WOS:000435177500021
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.
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- Title
- Dual Market Facility Network Design under Bounded Rationality
- Publication Details
- Algorithms, Vol.11(4), p.54
- Resource Type
- Journal article
- Publisher
- MDPI
- Number of pages
- 18
- Copyright
- © the author(s)
- Identifiers
- WOS:000435177500021; 99381757298906600
- Academic Unit
- Computer Science; Hal Marcus College of Science and Engineering
- Language
- English