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2013 (Vol. 5, Issue: 02)
Article Information:

Solving Optimal Pricing Model for Perishable Commodities with Imperialist Competitive Algorithm

Bo-Wen Liu
Corresponding Author:  Bo-Wen Liu 

Key words:  Imperialist competitive algorithm, particle swarm algorithm, perishable commodities, pricing model, , ,
Vol. 5 , (02): 458-464
Submitted Accepted Published
May 08, 2012 June 29, 2012 January 11, 2013
Abstract:

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.
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  Cite this Reference:
Bo-Wen Liu, 2013. Solving Optimal Pricing Model for Perishable Commodities with Imperialist Competitive Algorithm.  Research Journal of Applied Sciences, Engineering and Technology, 5(02): 458-464.
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ISSN (Online):  2040-7467
ISSN (Print):   2040-7459
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