摘要

  Since there exit distinctions between trading partners in financial situation, the level of cooperation and negotiation power etc., partial trade credit is widely used in practice.In this paper, we study a stochastic dynamic inventory control problem where a risk-neutral retailer periodically purchases a product from a supplier and sells it to a market with random demands.In each period, the supplier offers partial trade credit to the retailer who can use his own capital and/or borrow a short-term loan from a lender to purchase the product,and the surplus cash(if any)can be deposited to earn risk-free interest.The objective is to maximize the retailer's expected terminal cash at the end of the planning horizon.We analyze the optimal polices for given initial capital level and inventory level.Finally, the numerical study is given to demonstrate the conclusions.

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