Abstract
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Article Information:
Solving Optimal Pricing Model for Perishable Commodities with Imperialist Competitive Algorithm
Bo-Wen Liu
Corresponding Author: Bo-Wen Liu
Submitted: May 08, 2012
Accepted: June 29, 2012
Published: January 11, 2013 |
Abstract:
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The pricing problem for perishable commodities is important in manufacturing enterprise. In this study, a
new model based on the profit maximization principle and a discrete demand function which is a negative binomial
demand distribution is proposed. This model is used to find out the best combination for price and discount price.
The computational results show that the optimal discount price equals the cost of the product. Because the demand
functions which involves several different distributions is so complex that the model is hard to solve with normal
numerical method. Thus we combine the model with exterior penalty function and applied a novel evolution
algorithm-Imperialist Competitive Algorithm (ICA) to solve the problem. Particle Swarm algorithm (PSO) is also
applied to solve the problem for comparison. The result shows that ICA has higher convergence rate and execution
speed.
Key words: Imperialist competitive algorithm, particle swarm algorithm, perishable commodities, pricing model, , ,
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Abstract
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Cite this Reference:
Bo-Wen Liu, . Solving Optimal Pricing Model for Perishable Commodities with Imperialist Competitive Algorithm. Research Journal of Applied Sciences, Engineering and Technology, (02): 458-464.
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ISSN (Online): 2040-7467
ISSN (Print): 2040-7459 |
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