The implicit assumption in conventional inventory models is that the stored products maintain the same utility forever. However, almost all products experience some sort of deterioration over time. Fruits, vegetables, drugs, blood, perfumes, alcohol, gasoline, radioactive substances, photographic films, and electronic components are examples that can experience significant deterioration during storage. The current situation calls for an optimal inventory control and pricing strategy for deteriorating products. There is a severe lack of solid and comprehensive research in this area. In light...