Optimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (2024)

Optimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (2)

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  • Yijia Chen Department of Oxford Brookes Business School, Oxford Brookes University, U.K

    Department of Oxford Brookes Business School, Oxford Brookes University, U.K

    Optimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (3)0009-0009-0710-4092

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  • Jiang Kai School of Business and Trade, Southwest University, China

    School of Business and Trade, Southwest University, China

    Optimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (4)0009-0002-1911-2662

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  • Shiyi Xiong Computing Science and Artificial Intelligence college Suzhou City University, China

    Computing Science and Artificial Intelligence college Suzhou City University, China

    Optimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (5)0009-0004-8433-7758

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  • Bowei Fan Department of Sociology, Shanghai University, China

    Department of Sociology, Shanghai University, China

    Optimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (6)0009-0002-7883-1245

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ICAICE '23: Proceedings of the 4th International Conference on Artificial Intelligence and Computer EngineeringNovember 2023Pages 182–186https://doi.org/10.1145/3652628.3652659

Published:23 May 2024Publication HistoryOptimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (7)

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ICAICE '23: Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering

Optimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm

Pages 182–186

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Optimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (8)

ABSTRACT

This paper focuses on the category of fresh vegetables and analyzes sales data in the Chinese market over the past three years to examine the relationship between the volume of sales and the price of these perishable goods. This article uses the Gaussian process regression model to fit the relationship between sales and the price, and accounting for transportation and storage losses, as well as the impact of discount sales, a refined total profit model for the category is presented. Finally, the profit model is optimized using simulated annealing to provide actionable recommendations for daily replenishment levels and pricing strategies.

References

  1. Ekanayake, C., Bandara, Y. M., Chipulu, M., & Chhetri, P. 2023. An Order Fulfilment Location Planning Model for Perishable Goods Supply Chains Using Population Density. Supply Chain Analytics, 100045. https://doi.org/10.1016/j.sca.2023.100045Google ScholarOptimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (9)Cross Ref
  2. Ben Ameur, H., Boubaker, S., Ftiti, Z., Louhichi, W., & Tissaoui, K. 2023. Forecasting commodity prices: Empirical evidence using deep learning tools. Annals of Operations Research, 1 https://doi.org/10.1007/s10479-022-05076-6.Google ScholarOptimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (11)Cross Ref
  3. Karmakar, S., & Shukla, A. 2023. Application of Machine Learning algorithm for creating sustainable omni-channel retail ecosystem. Management Dynamics, 23(2), 3. https://doi.org/10.57198/2583-4932.1324Google ScholarOptimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (13)Cross Ref
  4. Cui, B. 2011. The choice behavior in fresh food retail market: A case study of consumers in China. International Journal of China Marketing, 2(1), 68-76. https://www.proquest.com/scholarly-journals/choice-behavior-fresh-food-retail-market-case/docview/911436431/se-2Jon M. Kleinberg. 1999. Authoritative sources in a hyperlinked environment. J. ACM 46, 5 (September 1999), 604–632. https://doi.org/10.1145/324133.324140Google ScholarOptimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (15)Digital Library
  5. Haroon, U., Chaudhary, M. H., Shahzad, M. A., Khan, M. A., & Nisar, N. 2020. Vegetable Prices Possess Seasonal Volatility: A Case Study of Lahore, Punjab, Pakistan. Journal of Economic Impact, 2(2), 62-71. https://doi.org/10.52223/jei0202204.Google ScholarOptimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (17)Cross Ref
  6. JSokolov, Y. I., & Lavrov, I. M., 2023. Elasticity of demand and features of its accounting measurements in the freight market. In: AIP Conference Proceedings. Vol. 2476, No. 1. AIP Publishing. https://doi.org/10.1063/5.0105171.Google ScholarOptimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (19)Cross Ref
  7. Lei, H., Xue, M., Liu, H., & Ye, J. 2023. Price elasticity of CO2 emissions in China: A machine learning approach. Sustainable Production and Consumption, 36, 257-280. https://doi.org/10.1016/j.spc.2023.01.005Google ScholarOptimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (21)Cross Ref
  8. Sun, A. Y., Wang, D., & Xu, X. 2014. Monthly streamflow forecasting using Gaussian process regression. Journal of Hydrology, 511, 72-81. https://doi.org/10.1016/j.jhydrol.2014.01.023Google ScholarOptimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (23)Cross Ref
  9. Fan, T., Xu, C., & Tao, F. 2020. Dynamic pricing and replenishment policy for fresh produce. Computers & Industrial Engineering, 139, 106127. https://doi.org/10.1016/j.cie.2019.106127/Google ScholarOptimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (25)Digital Library
  10. BRutenbar, R. A. 1989. Simulated annealing algorithms: An overview. IEEE Circuits and Devices Magazine, 5(1), 19-26. DOI: 10.1109/101.17235.Google ScholarOptimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (27)Cross Ref

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Optimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (29)

    Index Terms

    1. Optimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm

      1. Theory of computation

        1. Models of computation

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        Optimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (30)

        ICAICE '23: Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering

        November 2023

        1263 pages

        ISBN:9798400708831

        DOI:10.1145/3652628

        Copyright © 2023 ACM

        Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than the author(s) must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [emailprotected].

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            • Published: 23 May 2024

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            Optimization Model for Vegetable Pricing in the Chinese Market Based on Gaussian Process Regression and Simulated Annealing Algorithm | Proceedings of the 4th International Conference on Artificial Intelligence and Computer Engineering (31)

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