About: Optimal selling price, replenishment cycle and payment time among advance, cash, and credit payments from the seller’s perspective

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An Entity of Type : schema:ScholarlyArticle, within Data Space : wasabi.inria.fr associated with source document(s)

Attributes	Values
type	Academic Article research paper schema:ScholarlyArticle
isDefinedBy	Covid-on-the-Web dataset
has title	Optimal selling price, replenishment cycle and payment time among advance, cash, and credit payments from the seller’s perspective
Creator	Feng, Lin Skouri, Konstantina Wang, Wan-Chih Jinn-Tsair Teng, ·
Source	PMC
abstract	Although research on pricing and lot-sizing decisions concerning payment types has been extensive, almost all of it has been done from the buyer’s perspective. In this study, we incorporate the following relevant and essential facts. If a seller allows a buyer to pay on credit, it increases sales volume. But if a seller asks a buyer for an advance payment, it decreases sales volume. Sometimes, a seller offers a buyer a price discount for an advance payment to increase sales and profitability. Asking a buyer for an advance payment bears interest earned and has no default risk. If a seller offers a buyer the opportunity to pay on credit, then a longer credit period may mean a higher the sales volume, but the default risk is higher, too. The seller wants to set an optimal selling price, replenishment time, and payment method simultaneously so that the profit per unit time is maximized. To achieve this, we develop and compare the seller’s profit per unit time under each of three payment methods—advance, cash and credit. Through numerical analyses, the following managerial insights are highlighted: (1) Under certain conditions, a specific payment type obtains the seller’s highest profit among all three payment types. (2) If advance payment is required, then it is critically important for a seller to offer a price discount. (3) An advance payment generates more profit than a credit payment provided that sales volume from a credit payment to an advance payment declines insignificantly and vice versa.
has issue date	2020-08-25(xsd:dateTime)
bibo:doi	10.1007/s10479-020-03761-y
has license	no-cc
sha1sum (hex)	80440063742c5244cd9ad96f0f36e4134eb7b63e
schema:url	https://doi.org/10.1007/s10479-020-03761-y
resource representing a document's title	Optimal selling price, replenishment cycle and payment time among advance, cash, and credit payments from the seller’s perspective
has PubMed Central identifier	PMC7446747
schema:publication	Ann Oper Res
resource representing a document's body	covid:80440063742c5244cd9ad96f0f36e4134eb7b63e#body_text
is schema:about of	named entity 'METHODS' named entity 'BUT' named entity 'PERSPECTIVE' named entity 'ASKING' named entity 'SET' named entity 'DECISIONS' named entity 'OFFER' named entity 'UNIT' named entity 'BEARS' named entity 'PAY' named entity 'BUYER' named entity 'FOLLOWING' named entity 'NUMERICAL' covid:arg/80440063742c5244cd9ad96f0f36e4134eb7b63e named entity 'payment methods' named entity 'advance payment' named entity 'payment method' named entity 'backordering' named entity 'profit maximization' named entity 'default risks' named entity 'learning curve' named entity 'concave function' named entity 'trade credit' named entity 'default risk' named entity 'demand function' named entity 'holding cost' named entity 'cash payment' named entity 'default risk' named entity 'economic order quantity' named entity 'default risk' named entity 'trade credit' named entity 'backordering' named entity 'trade credit' named entity 'demand function' named entity 'mathematical model' named entity 'default risk' named entity 'holding cost' named entity 'retail industry' named entity 'default risk' named entity 'P 2' named entity 'seller's profit' named entity 'trade credit' named entity 'critical point' named entity 'trade credit' named entity 'trade credit' named entity 'default risk' named entity 'premium pricing' named entity 'multiplicative function' named entity 'payment method' named entity 'price discounts' named entity 'multiplicative function' named entity 'penetration pricing' named entity 'trade credit' named entity 'cash on delivery' named entity 'automated clearing house' named entity 'goods and services' named entity 'demand for the product' named entity 'default risk' named entity 'cash payment' named entity 'profit maximization' named entity 'trade credit' named entity 'supply chain' named entity 'trade credit' named entity 'arg max' named entity 'seller's profit' named entity 'goods or services' named entity 'trade credit' named entity 'opportunity cost' named entity 'cash discount' named entity 'exponential function' named entity 'trade credit' named entity 'goods or services' named entity 'store owner' named entity 'EOQ' named entity 'sensitive to price' named entity 'mortgage' named entity 'critical point' named entity 'United States' named entity 'cash payments' named entity 'backordering'

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