Title: On phase inventory model for (non)cooperative games

Authors: Sujit Kumar De; Mrinmoyee Das

Addresses: Midnapore College (Autonomous), Midnapore, WB – 721101, India ' Midnapore College (Autonomous), Midnapore, WB – 721101, India

Abstract: This article develops an economic order quantity (EOQ) inventory model with infinite exhaustive cycle time. In this study the supply chain itself is viewed as the flow of current in the well-known L-C-R circuit of the physics discipline. We have shown that, those items which are not sold for an infinite time duration can easily be managed with the help of (non)cooperative games of the management followed by strategy of Nash-equilibrium solution. A schematic diagram of (non)cooperative game and a novel algorithm has also been presented to justify the new approach. However, our findings reveal that the arithmetic-geometric mean for the cases of non-cooperative games approach might be more beneficial to the decision maker than any other existing method rather than cooperative games. Finally, numerical experimentation, sensitivity analysis and graphical illustrations are done to validate the model.

Keywords: EOQ model; phase inventory; (non)cooperative game; Nash equilibrium; optimisation.

DOI: 10.1504/IJMMNO.2024.143839

International Journal of Mathematical Modelling and Numerical Optimisation, 2024 Vol.14 No.3/4, pp.141 - 167

Received: 16 Dec 2023
Accepted: 24 Dec 2023
Published online: 10 Jan 2025 *

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