Abstract
In this research paper, an integrated inventory policy for single vendor and multiple buyers is developed. The demand of a product is assumed to be quadratic. A numerical example is shown to validate the results of the proposed development. It is established numerically that the integrated approach results in significant decrease in the total cost compared with the independent decision approach by all the buyers. The sensitivity analysis is carried out for all the parameters. To settle beneficial sharing, a negotiation factor is incorporated.
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