A modified RAND algorithm for multi-buyer joint replenishment problem with resource constraints

This paper focuses on the multi-buyer jointed replenishment problem with resource constraints. The paper first establishes the general mathematical model for this jointed replenishment problem, and then modified the existing heuristic algorithm—RAND algorithm—to solve the problem, by the Lagrange Multiplier. At last, the paper also tests the feasibility of the new modified algorithm via numeric experiments and compares the efficiency of Lingo and the new algorithm.