Impact of Inflation and Credit Financing Policy on the Supply Chain With Learning

1.1 Motivational Models

Many researchers have implemented the phenomenon of delay in paymentspolicy as an organization structure in their related studies. Whitin (1957) considered inspection the worsening and perish of stylish commodities and associated articles at the termination of a recommended interval of time. Ghare and Schrader (1963) studied and provided a mathematical execution for deteriorating stuffs which followed an exponential decay rate. Apart from various economic order quantity (EOQ) models that have covered some accurate assumptions related to all those formulated that the lots are not always of perfect quality. Porteus (1986) gave many extensive reviews on defective stuffs. Further, Goyal (1985) suggested an inventory model for deriving the quantity of the financial arrangement of the items for which the seller would permit a fixed delay in payments.

Later, a basic model for the inflationary conditions has been developed by Buzacott (1975) for deteriorating items under different policies. Datta and Pal (1991) have discussed effects of inflation and time-value of money on an inventory model with linear time-dependent demand rate and shortages. Sarker and Pan (1994) have discussed the effects of inflation and the time value of money on the order quantity and allowable shortages. Hariga (1995) also proposed an EOQ model for deteriorating items with shortages and time-varying demand. Hariga and Ben-Daya (1996) discussed optimal time varying lot-sizing model under inflationary conditions.

Further, Wright (1936) introduced the learning concept as a power function. Jaber and Bonney (1996) derived a mathematical model with shortages and backorder under the leaning effect. Jaggi et al. (2013) suggested a deterministic model for imperfect commodities with permissible delay in payment with shortages. Tiwari et al. (2018) proposed sustainable inventory management model with imperfect quality items and carbon emission is also considered to understand the environmental impact on the inventory model. Jayaswal et al. (2019) introduced concept of learning for imperfect items with delay in payments. They optimized order quantity and maximized retailer’s profit. Barman et al.(2021) gave an economic production quantity (EPQ) model with inflation under cloudy fuzzy system for deteriorating items. Jayaswal et al. (2021) presented an inventory model with learning where demand is a function of credit period. Jayaswal et al. (2021) proposed an economic order quantity (EOQ) model for deteriorating defective quality items with the effect of leaning under credit period scheme. Singh et al. (2021) presented an optimal policy for deteriorating Items with generalized deterioration, trapezoidal-type demand, and shortages. Verma et al. (2022) discussed the impact of price-sensitive demand and premium payment scheme on bullwhip effect.