A game theoretic approach to product-mix resource allocation

Yunzhi Wang; Yaoguang Hu; Yanhua Jia; Ruijun Zhang

doi:10.1109/ICIEA.2010.5516640

A game theoretic approach to product-mix resource allocation

Yunzhi Wang^*, Yaoguang Hu, Yanhua Jia, Ruijun Zhang

^*Corresponding author for this work

School of Mechanical Engineering

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

6 Citations (Scopus)

Abstract

In view of the common issue of product-mix resource allocation decision under limited manufacturing resource, this article proposes a new approach based on game theory. Firstly, a quantification method is applied to represent the utility of manufacturing resource and strategy profile, and then a multidimension game model is presented using these quantified manufacturing data as element of game theory. By solving the game model, the Nash equilibrium solution is regarded as optimal resource allocation strategy. The goal of the solution is to maximize the individual profit of each product. The desired equilibrium will meet the requirements for resource by the greatest degree to make each product achieve optimal production status, simultaneously the enterprise will get higher rate of return on investment.

Original language	English
Title of host publication	Proceedings of the 2010 5th IEEE Conference on Industrial Electronics and Applications, ICIEA 2010
Pages	2142-2147
Number of pages	6
DOIs	https://doi.org/10.1109/ICIEA.2010.5516640
Publication status	Published - 2010
Event	5th IEEE Conference on Industrial Electronics and Applications, ICIEA 2010 - Taichung, Taiwan, Province of China Duration: 15 Jun 2010 → 17 Jun 2010

Publication series

Name	Proceedings of the 2010 5th IEEE Conference on Industrial Electronics and Applications, ICIEA 2010

Conference

Conference	5th IEEE Conference on Industrial Electronics and Applications, ICIEA 2010
Country/Territory	Taiwan, Province of China
City	Taichung
Period	15/06/10 → 17/06/10

Keywords

Game theory
Multi-dimension game model
Product-mix resource allocation
Quantitation decision

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10.1109/ICIEA.2010.5516640

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Wang, Y., Hu, Y., Jia, Y., & Zhang, R. (2010). A game theoretic approach to product-mix resource allocation. In Proceedings of the 2010 5th IEEE Conference on Industrial Electronics and Applications, ICIEA 2010 (pp. 2142-2147). Article 5516640 (Proceedings of the 2010 5th IEEE Conference on Industrial Electronics and Applications, ICIEA 2010). https://doi.org/10.1109/ICIEA.2010.5516640

@inproceedings{1525c7efd2554912b541944931955f3c,

title = "A game theoretic approach to product-mix resource allocation",

abstract = "In view of the common issue of product-mix resource allocation decision under limited manufacturing resource, this article proposes a new approach based on game theory. Firstly, a quantification method is applied to represent the utility of manufacturing resource and strategy profile, and then a multidimension game model is presented using these quantified manufacturing data as element of game theory. By solving the game model, the Nash equilibrium solution is regarded as optimal resource allocation strategy. The goal of the solution is to maximize the individual profit of each product. The desired equilibrium will meet the requirements for resource by the greatest degree to make each product achieve optimal production status, simultaneously the enterprise will get higher rate of return on investment.",

keywords = "Game theory, Multi-dimension game model, Product-mix resource allocation, Quantitation decision",

author = "Yunzhi Wang and Yaoguang Hu and Yanhua Jia and Ruijun Zhang",

year = "2010",

doi = "10.1109/ICIEA.2010.5516640",

language = "English",

isbn = "9781424450466",

series = "Proceedings of the 2010 5th IEEE Conference on Industrial Electronics and Applications, ICIEA 2010",

pages = "2142--2147",

booktitle = "Proceedings of the 2010 5th IEEE Conference on Industrial Electronics and Applications, ICIEA 2010",

note = "5th IEEE Conference on Industrial Electronics and Applications, ICIEA 2010 ; Conference date: 15-06-2010 Through 17-06-2010",

}

Wang, Y, Hu, Y, Jia, Y & Zhang, R 2010, A game theoretic approach to product-mix resource allocation. in Proceedings of the 2010 5th IEEE Conference on Industrial Electronics and Applications, ICIEA 2010., 5516640, Proceedings of the 2010 5th IEEE Conference on Industrial Electronics and Applications, ICIEA 2010, pp. 2142-2147, 5th IEEE Conference on Industrial Electronics and Applications, ICIEA 2010, Taichung, Taiwan, Province of China, 15/06/10. https://doi.org/10.1109/ICIEA.2010.5516640

A game theoretic approach to product-mix resource allocation. / Wang, Yunzhi; Hu, Yaoguang; Jia, Yanhua et al.
Proceedings of the 2010 5th IEEE Conference on Industrial Electronics and Applications, ICIEA 2010. 2010. p. 2142-2147 5516640 (Proceedings of the 2010 5th IEEE Conference on Industrial Electronics and Applications, ICIEA 2010).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

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AU - Hu, Yaoguang

AU - Jia, Yanhua

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AB - In view of the common issue of product-mix resource allocation decision under limited manufacturing resource, this article proposes a new approach based on game theory. Firstly, a quantification method is applied to represent the utility of manufacturing resource and strategy profile, and then a multidimension game model is presented using these quantified manufacturing data as element of game theory. By solving the game model, the Nash equilibrium solution is regarded as optimal resource allocation strategy. The goal of the solution is to maximize the individual profit of each product. The desired equilibrium will meet the requirements for resource by the greatest degree to make each product achieve optimal production status, simultaneously the enterprise will get higher rate of return on investment.

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KW - Multi-dimension game model

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KW - Quantitation decision

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ER -

A game theoretic approach to product-mix resource allocation

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