Pricing decisions for product recovery facilities in a multi-criteria setting using genetic algorithms

Srikanth Vadde; Sagar V. Kamarthi; Surendra M. Gupta

doi:10.1117/12.686237

9 October 2006 Pricing decisions for product recovery facilities in a multi-criteria setting using genetic algorithms

Srikanth Vadde, Sagar V. Kamarthi, Surendra M. Gupta

Proceedings Volume 6385, Environmentally Conscious Manufacturing VI; 63850C (2006) https://doi.org/10.1117/12.686237
Event: Optics East 2006, 2006, Boston, Massachusetts, United States

Abstract

Independent and small scale product recovery facilities (PRFs) often struggle to achieve profits when faced with inconsistent inflows of discarded products, varying demand patterns for recovered components, and stringent environmental regulations. Inconsistent inflows coupled with the varying demand cause undue fluctuations in inventory levels and frequently affect costs involved in product recovery operations. An effective pricing strategy can stabilize the fluctuations in demand and consequently can allow PRFs to control inventory levels. This research determines the prices of reusable and recyclable components and acquisition price of discarded products that allow PRFs to simultaneously maximize their financial returns and minimize the product recovery costs. Genetic algorithms and analytic hierarchy process are employed to solve this multi-criteria decision making problem.

Citation Download Citation

Srikanth Vadde, Sagar V. Kamarthi, and Surendra M. Gupta "Pricing decisions for product recovery facilities in a multi-criteria setting using genetic algorithms", Proc. SPIE 6385, Environmentally Conscious Manufacturing VI, 63850C (9 October 2006); https://doi.org/10.1117/12.686237

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