Cooperative grey games and an application on economic order quantity model

Purpose – The purpose of this paper is to extend the results of Meca et al. (2004) depending on the grey information revealed by the individual firms. Design/methodology/approach – The authors introduce cooperative grey games and focus on sharing ordering cost rule (SOC-rule) to distribute the joint...

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Bibliographic Details
Published in:Kybernetes 2016-05, Vol.45 (5), p.828-838
Main Authors: Olgun, Mehmet Onur, Alparslan Gök, Sırma Zeynep, Özdemir, Gültekin
Format: Article
Language:English
Subjects:
Cost control
Cost engineering
Crisps
Design engineering
Economic models
Fuzzy set theory
Fuzzy sets
Fuzzy systems
Game theory
Games
Information & knowledge management
Information systems
Inventories
Inventory
Inventory management
Probability theory
Random variables
Shotguns
Stockpiling
System effectiveness
System theory
Systems theory
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Summary:Purpose – The purpose of this paper is to extend the results of Meca et al. (2004) depending on the grey information revealed by the individual firms. Design/methodology/approach – The authors introduce cooperative grey games and focus on sharing ordering cost rule (SOC-rule) to distribute the joint cost. Findings – In this study, the authors introduce a model, where inventory costs are assumed as grey numbers instead of crisp or stochastic ones studied in literature. At first, grey numbers and classical cooperative inventory games are recalled. Then, cooperative grey games are introduced and related results are given. Finally, an application is performed for three shotgun companies in Turkey. Originality/value – It is an effective approach for theoretical analysis of systems with imprecise information and incomplete samples. Therefore, grey system theory, rather than the traditional probability theory and fuzzy set theory, is better suited to model the inventory problems by using cooperative game theory. To the best of the knowledge no study exists modeling inventory situations by using cooperative grey games. From this point of view this study is a pioneering work on a promising topic.
ISSN:0368-492X
1758-7883
DOI:10.1108/K-06-2015-0160